Xiaomi Corporation (; ), commonly known as Xiaomi and registered as Xiaomi Inc., is a Chinese designer and manufacturer of consumer electronics and related software, home appliances, and household items. Behind Samsung, it is the second largest manufacturer of smartphones in the world, most of which run on the MIUI User interface, which is based on the Android operating system, The company is ranked 338th and is the youngest company on the Fortune Global 500. Xiaomi was founded in 2010 in Beijing by now multi-billionaire Lei Jun when he was 40 years old, along with six senior associates. Lei had founded Kingsoft as well as Joyo.com, which he sold to Amazon for $75 million in 2004. In August 2011, Xiaomi released its first smartphone and, by 2014, it had the largest market share of smartphones sold in China. Initially the company only sold its products online; however, it later opened brick and mortar stores. By 2015, it was developing a wide range of consumer electronics. In 2020, the company sold 146.3 million smartphones and its MIUI mobile user interface has over 500 million monthly active users. As of 2022, Xiaomi is the third-largest seller of smartphones worldwide, with a market share of about 12%, according to Counterpoint. It also is a major manufacturer of appliances including televisions, flashlights, unmanned aerial vehicles, and air purifiers using its Internet of Things and Xiaomi Smart Home product ecosystems. Xiaomi keeps its prices close to its manufacturing costs and bill of materials costs by keeping most of its products in the market for 18 months, longer than most smartphone companies, The company also uses inventory optimization and flash sales to keep its inventory low. History 2010–2013 On 6 April 2010 Xiaomi was co-founded by Lei Jun and six others: Lin Bin (), vice president of the Google China Institute of Engineering Zhou Guangping (), senior director of the Motorola Beijing R&D center Liu De (), department chair of the Department of Industrial Design at the University of Science and Technology Beijing Li Wanqiang (), general manager of Kingsoft Dictionary Huang Jiangji (), principal development manager Hong Feng (), senior product manager for Google China Lei had founded Kingsoft as well as Joyo.com, which he sold to Amazon for $75 million in 2004. At the time of the founding of the company, Lei was dissatisfied with the products of other mobile phone manufacturers and thought