Xiaomi to invest in Midea

With new air purifier about to hit the market, Xiaomi is partnering with domestic appliance maker Midea to further its push into the smart-home market.

According to Midea's official WeChat account, Xiaomi will acquire 1.288 percent shares of Midea Group, a Guangdong-based home appliance maker, for $1.266 billion ($204 million).

Midea registered nearly $19 billion in global turnover in 2013.

Last Saturday, Guangzhou Daily reported that Xiaomi CEO Lei Jun had reached an initial partnership agreement with Midea's top executives, with Xiaomi likely to make an investment in Midea.

On Dec 9, Midea suspended its shares on the Shenzhen Stock Exchange, saying it was mulling over "a major announcement".

Midea has announced the resumption of market trading on Monday.