Xiaomi is made a “voluntary” statement to the Hong Kong Stock Exchange, disputing recent smartphone shipment estimates provided by unnamed analyst organisations.
The Chinese smartphone manufacturer says the actual figure is higher and wanted to ensure that shareholder’s investments were not affected by what the company perceives to be inaccurate press coverage.
“The board of directors of the Company is aware that recently several media publications quoted some information from certain market research institutions about our estimated shipment of smartphones in the first quarter of 2019,” said Xiaomi.
“The information is inaccurate and unfair, and deviates from our actual performance in terms of shipment of smartphones.
“In order to protect investors from any misleading information, the Company hereby announces that based on our management accounts, our shipment of smartphones in the first quarter of 2019 exceeded 27.5 million. Information on our shipment of smartphones, once finalized, will be included in our results announcement for the first quarter of 2019.”
Xiaomi did caveat the information by stating the announcement had not been discussed with its auditors and that the ultimate figure might be different when it publishes its Q1 results.
No specific analyst house was mentioned, but both IHS Markit and IDC both quoted figures that were lower than Xiaomi’s.
IDC said Xiaomi’s Q1 shipments had declined by 10.2 per cent year on year to 25 million, stating that of its three major markets (China, India and Indonesia), it was only in India that it actually increased sales. This ranks Xiaomi as the world’s fourth largest smartphone vendor.
Meanwhile, IHS Markit said shipments fell by 16 per cent to 24.7 million units. It stated strong competition from Oppo and Vivo as contributing factors and placed Xiaomi as number five in the market.
Both IDC and HIS Markit have been contacted for comment.