Xiaomi and the government of Shenzhen recently signed a headquarters economic development cooperation agreement, which means that Xiaomi will build its international headquarters in the city.

It is said that Xiaomi Group plans to invest CNY7.76 billion in Shenzhen for the construction of its international headquarters, which is expected to realize combined operating revenue of about CNY51 billion between 2020 and 2024 and form local financial power of about CNY600 million.

According to the agreement signed by the two parties, Xiaomi will build its smartphone and AI center, business expansion center, and Internet service center along with its headquarters building.

Commenting on the cooperation, Xiaomi Group's president Wang Xiang said that 2020 is Xiaomi's tenth anniversary and its locating in Shenzhen will help the company's development in the next decade. In addition, Xiaomi international headquarters will realize full industrial chain distribution from basic research, technical breakthrough, and technical result realization to technical service in the shortest time.