Xiaomi makes the Fortune Global 500 list for the first time, along with 24 other newcomers

A small reprieve from the fact that its shares keep losing ground in Hong Kong.

By

Xiaomi makes the Fortune Global 500 list for the first time, along with 24 other newcomers

Chinese tech company Xiaomi is now one of the Fortune Global 500 companies, which ranks companies by their 2018 revenue.

Xiaomi, with a revenue of USD 26.4 billion is ranked 468th. The Chinese firm best known for its smartphones is one of 25 newcomers to the list.

Another newcomer is Gree Electrical Appliances, a major manufacturing company in China. It outranks Xiaomi with its 414th place and a revenue of USD 30.2 billion.

Xiaomi once overturned Apple and Samsung to be the largest smartphone vendor in China but it was later surpassed by other local vendors including Huawei and Oppo.

Being listed as a Fortune 500 company isn’t doing any wonders to Xiaomi’s share value. It went public in Hong Kong in July 2018 and has seen its shares trading below its IPO price of HKD 17 for a long time. Xiaomi closed at HKD 8.94, down 1.87% from the closing price on Friday.