Xiaomi to Invest in Midea

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Chinese smartphone maker Xiaomi is partnering with domestic appliance maker Midea to further its push into the smart-home market.

Xiaomi will acquire around one percent of Guangdong-based Midea Group for over one billion yuan, or some 200 million U.S. dollars.

Midea registered nearly 19 billion dollars in global turnover last year.

Last week, Xiaomi announced plans to launch a line of home air purifiers.

The company's product portfolio currently covers smartphones, TVs, routers and smart wristbands.

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