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HONG KONG — US sanctions have hurt the smartphone business of Huawei Technologies Co. Another Chinese tech company is reaping the benefits.
Xiaomi Corp. has filled the void left by Huawei in markets from Europe to Southeast Asia to China. It does so with a playbook familiar to many Chinese mainstream brands: to offer functional gadgets comparable to those of their high-end competitors at prices often lower than these.
No company in the world sold more phones in June, as Beijing-based Xiaomi overtook Samsung Electronics Co., according to market research Counterpoint Research. For the second quarter, Xiaomi overtook Apple Inc. to become world number 2 for the first time.
In Europe, it took first place, with its market share almost doubling to 24% from the previous year. In price-sensitive markets like Spain, two out of five phones sold in the second quarter were made by Xiaomi, Counterpoint said. The company was the leading supplier in Denmark, Belgium, Ukraine and Russia.
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