The district government of the Wuhan East Lake High-tech Development Zone (Optics Valley of China) signed a strategic cooperation agreement with Xiaomi Corporation, a major electronics company founded in 2010 and based in Beijing, at an investment conference on Aug 30.

More than 500 businesspeople from Xiaomi and Shunwei Capital, as well as a number of government officials, attended the conference. 

The district government of the Wuhan East Lake High-tech Development Zone (Optics Valley of China) signs a strategic cooperation agreement with Xiaomi Corporation at an investment conference on Aug 30. [Photo/WeChat account of Optics Valley] 

The Wuhan Xiaomi Ecological Industry Chain Center was also inaugurated during the conference, and the district government signed projects worth 20 billion yuan ($2.81 billion) with 14 IoT enterprises.

A video recording of Lei Jun, CEO of Xiaomi, was played during the conference, in which he expressed high hopes that the conference would boost business cooperation between Optics Valley and Xiaomi. A video recording of Lei Jun, CEO of Xiaomi, is played during the conference on Aug 30. [Photo/WeChat account of Optics Valley]

During the two-day event, a series of sub-forums will also be hosted to discuss the future prospects of Xiaomi’s industrial chain and the development of the local Internet of Things industry.

According to Chen Ping, director of the management committee of the East Lake High-tech Development Zone, Optics Valley has maintained steady growth in the first half of 2019. Investment in local fixed assets and industries grew by 14.5 percent and 40.6 percent, respectively. 

In 2017, Xiaomi decided to place its Wuhan headquarters in the Optics Valley and helped attract many other related start-ups to the zone. Its headquarters are expected to finish construction in October. 

Xiaomi Corporation was listed on the main board of the Hong Kong Stock Exchange in July 2018. Its products are currently enjoying great popularity among consumers in more than 80 countries around the world.

Shunwei Capital, co-founded by Lei Jun, is dedicated to helping entrepreneurs in high-tech industries start businesses. “We hope to partner with entrepreneurs to transform their ideas into world-leading enterprises,” said Lei Jun.