Xiaomi is the Youngest Company Among the Global Fortune 500

Chinese smartphone manufacturer Xiaomi has become the youngest company on the Fortune Global 500 list for 2019, ranking 468, with a revenue of $26,443.50 million and a net profit of $2,049.10 million in the previous fiscal.

The Beijing-based global technology firm on Monday announced that the company has, for the first time, made the Fortune Global 500 list, nine years after its iteration.

The company also ranks seventh in the Internet Services and Retailing category, the company said in a statement.

"It took Xiaomi only nine years to make the Fortune Global 500 list, a milestone that we owe a big thank you to all our Mi fans and users for their unwavering support. We are also the youngest company on this year's list, a proud record that we will keep in mind and bring to another level in the global expansion journey," Lei Jun, Founder, Chairman and CEO of Xiaomi said.

According to international market research organization IDC, as of March 2019, the company has become the world's fourth smartphone brand in terms of shipment sales volume, registering a year-on-year growth of 32.2 percent.

The company has also incubated and invested in over 200 ecosystem companies, many of which are specialized in developing smart hardware, and has thus built the world's largest consumer IoT platform with approximately 171 million connected IoT devices, excluding smartphones and laptops, by late March 2019.