(Bloomberg) -- Xiaomi Corp. bought a stake in Chinese home-appliance maker TCL Corp. as the two companies agreed to cooperate on the development of smart products and electronic devices.
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Xiaomi bought 65.2 million shares, or 0.48 percent, of TCL from the secondary market as of Jan. 4, Guangdong-based TCL said in a statement to the Shenzhen Stock Exchange on Sunday. TCL said the purchase is recognition of its valuation, operational strategy and core competence, and that Xiaomi is willing to conduct a strategic cooperation with it on a capital level.
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The agreement with Xiaomi was signed on Dec. 29.
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