Xiaomi is a China-based smartphone company that spent the equivalent of around $577,000 U.S. dollars to buy the domain name “Mi.com” as part of a rebranding. A Xiaomi executive reported the price spent on the domain name on his Weibo profile.
Xiaomi is very popular in China as it makes high-quality Android smartphones there. Xiaomi’s products retail for a low price so it sells out of new products in just minutes of launching.
The Chinese smartphone company is now looking to expand out of its home country. Today Xiaomi announced it will start selling products in 10 new countries this year, including Brazil and India. Xiaomi also launched a new streaming TV box called the Mi Box Pro that can stream content in Ultra HD (4K).