Analysis of Xiaomi's Investment in CXMT!

Xiaomi's Complete Investment Breakdown for CXMT (Two Major Channels)

I. Pre-IPO Private Financing Rounds (Xiaomi Changjiang Industry Fund, holding 0.21% before IPO)

1. 2020 CXMT Series A: 15.65 billion RMB financing
Xiaomi Changjiang Industry Fund made its initial investment of 95.21 million RMB, acquiring a small early equity stake corresponding to 0.28%, which was subsequently diluted through multiple rounds to 0.21% prior to the IPO.
2. No additional large capital injections were made in subsequent B/C/C+ rounds; the total principal during the private phase was approximately 127 million RMB (industry estimated average, as the prospectus did not disclose the complete cumulative paid-in amount).

II. July 2026 IPO Strategic Allocation (New Position Added Upon Listing)

Xiaomi's wholly-owned entity, Wuhan Yiba Yiling Enterprise Management, participated in the STAR Market strategic allocation, uniformly receiving an allotment of 18.2448 million shares with a one-time investment of 158 million RMB, subject to an 18-month lock-up period.

III. Total Cumulative Investment by Xiaomi

1. Pre-IPO private principal: approx. 127 million RMB
2. IPO strategic allocation addition: 158 million RMB
3. Total cumulative actual investment by Xiaomi ≈ 285 million RMB

IV. Shareholding and Book Profit Reference (CXMT Opening Total Market Cap: 3.31 Trillion RMB)

1. Pre-IPO existing shares (0.21%): Corresponding market value = 3.31 trillion × 0.21% = 69.51 billion RMB
2. Strategic allocation new shares: 158 million RMB principal, opening book market value approx. 900 million RMB
3. Total combined equity book unrealized profit exceeds 70 billion RMB

V. Key Distinctions (Comparison with Alibaba Cloud)

1. The Alibaba group has cumulatively invested 7.6 billion RMB, representing a heavy financial and strategic investment; Xiaomi's investment is only 285 million RMB, primarily focused on supply chain positioning, showing a massive disparity in capital volume.
2. Xiaomi holds shares indirectly through industry funds, rather than direct capital contribution from the listed entity of Xiaomi Group.
3. Core investment purpose: To secure domestic DRAM supply for smartphones, automobiles, and IoT, reducing reliance on overseas chips; equity appreciation is an ancillary benefit.$CXMT(688825.SH) $XIAOMI-W(01810.HK)