Xiaomi-affiliated Hanxing Venture Capital increased its investment in Xinglixing, strengthening regional auto sales and after-sales channels through equity ties, accelerating the downward expansion of the new energy ecosystem.
With Xiaomi's automobile manufacturing roadmap now fully on track and the intensive rollout of SU7 and subsequent models across its nationwide delivery and marketing network, Xiaomi is rapidly extending its industrial capital reach—from cutting-edge intelligent driving algorithms and parts supply chains at the front end—deep into the automotive sales and after-sales service ecosystem closest to end consumers.
Recently, Xiaomi-affiliated Hanxing Venture Capital Co., Ltd. took a stake in Zhejiang Xinglihang New Energy Technology Co., Ltd., not only shedding light on Xiaomi's latest strategic positioning for NEV channel expansion in East China but also revealing the heavy-asset, ground-level deployment of Xiaomi's "Human x Car x Home" full ecosystem closed loop across its B2B sales network.
The business registration change records on Tianyancha App clearly illustrate the scale of this equity restructuring and capital injection.
Tianyancha data shows that Zhejiang Xinglihang New Energy Technology Co., Ltd. has undergone business registration changes, with Xiaomi-affiliated Hanxing Venture Capital Co., Ltd. added as a shareholder. Meanwhile, the company's registered capital has jumped from RMB 100 million to RMB 130 million, a 30% increase. The company was established in February 2026, with Shen Hao as its legal representative. Its business scope covers emerging energy technology R&D, auto parts retail, and sales of new energy vehicle electrical accessories, among others.
In terms of ownership structure, the company is now jointly controlled by Zhejiang Jinrui Automobile Sales Service Co., Ltd. and Hanxing Venture Capital. This RMB 30 million capital increase is a clear signal of Xiaomi's intent to lock in regional sales ecosystem partnerships through industrial capital.
Most industry observers, accustomed to evaluating Xiaomi's ecosystem through product launch events and new car order volumes, might easily dismiss this investment as routine financial allocation or standard capital deployment in the NEV sector. Such a shallow reading fundamentally underestimates the extreme "channel alliance" strategy Xiaomi is pursuing in response to surging C-end delivery pressure for its NEVs and the urgent need to strengthen its service network in lower-tier markets.
Automotive sales and after-sales services are inherently heavy businesses that rely heavily on regional resources, land and property assets, and the execution capabilities of localized teams.
For Xiaomi, a cross-industry entrant into car manufacturing, relying solely on direct-operated experience stores and a limited number of delivery centers makes it difficult to achieve deep penetration in core NEV-consuming provinces like East China within a short timeframe. As an established automotive sales and service enterprise, Zhejiang Jinrui possesses mature regional channel resources, a high-caliber sales team, and ready-made offline facilities. Xinglihang, established just a few months ago, serves as the core vehicle for absorbing these channel assets and NEV sales qualifications.
Hanxing Venture Capital's decisive injection of RMB 30 million in real capital and its acquisition of a shareholder seat is, at its core, Xiaomi's strategy to buy out the loyalty and channel exclusivity of quality regional dealers through equity binding.
The business scope registered on Tianyancha—auto parts retail, new energy vehicle electrical accessory sales, and technology R&D—further reveals both parties' ambitions in after-sales and derivative ecosystems. By embedding industrial capital into sales entities, Xiaomi can not only secure high-quality sales and after-sales outlets in East China at minimal time cost but also leverage entities like Xinglihang to rapidly expand high-margin derivative businesses such as Xiaomi automotive accessories, charging piles, and new energy vehicle electrical accessories.
As the domestic NEV competition enters its second half, the battle is no longer just about spec sheets and hype at launch events—it's about channel capacity at the back end and after-sales execution efficiency.
With this RMB 30 million channel reinforcement visible on Tianyancha, Xiaomi once again demonstrates its disciplined approach to ecosystem expansion through investment: using investment as a vanguard to firmly bind regional major dealers to Xiaomi's war chariot, securing long-term premium on its balance sheet amid an extremely brutal channel war.
