(Bloomberg) -- Xiaomi Corp. bought a stake in Chinese home-appliance maker TCL Corp. as the two companies agreed to cooperate on the development of smart products and electronic devices.
Xiaomi bought 65.2 million shares, or 0.48 percent, of TCL from the secondary market as of Jan. 4, Guangdong-based TCL said in a statement to the Shenzhen Stock Exchange on Sunday. TCL said the purchase is recognition of its valuation, operational strategy and core competence, and that Xiaomi is willing to conduct a strategic cooperation with it on a capital level.
The agreement with Xiaomi was signed on Dec. 29.
To contact Bloomberg News staff for this story: Qi Ding in Shanghai at qding15@bloomberg.net
To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Cecile Vannucci
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