On the evening of July 21, after the glory of the new product launch, glory CEO Zhao Ming accepted a media group interview. For the Indian market, Zhao Ming said that Honor had a team in India a few years ago and operated for a long time, and then due to well-known reasons, the Glory India team withdrew, and now Honor still has partners in India, and opened related businesses, while the Indian market has maintained profitability, the future Glory will take a very stable way to carry out business in the Indian market.
Four major Chinese mobile phone manufacturers have been targeted
Previously, Chinese mobile phone companies such as Huawei, Xiaomi, vivo, and OPPO have been targeted by the Indian government to varying degrees.
Since the sino-Indian conflict in the Galwan Valley in June 2020, relations between the two sides have tended to be tense, and some Indian departments have begun to politicize economic issues and gradually shift the focus of suppression to Chinese companies in India. At the end of 2021, the Indian tax department conducted a search of Xiaomi, OPPO and other enterprises; In February, after India's Ministry of Electronics and Information Technology banned 54 apps on "security threats," most of which were products of Chinese companies, India's tax authorities searched several of Huawei's offices in India. In April, the Indian Enforcement Agency accused Xiaomi of violating India's foreign exchange control law by freezing Mi's Rs 555.1 billion funds. At present, India's suppression of Chinese enterprises is still spreading further. According to bloomberg reports at the end of May, India's Ministry of Corporate Affairs has begun to review the accounts of more than 500 Chinese companies in India, in addition to ZTE and vivo, Xiaomi, OPPO, Huawei, Alibaba and other companies with operating units in India are among the review.
Previously, after the news that the relevant Indian departments investigated Chinese companies such as vivo was exposed, it has attracted the attention of the Chinese side. Chinese Foreign Ministry spokesman Zhao Lijian responded at a regular press conference on May 31 that the Chinese government has always required Chinese enterprises to operate legally and compliantly overseas, and at the same time firmly supported Chinese enterprises to safeguard their legitimate rights and interests. Zhao Lijian stressed that the Indian side should act in accordance with the law and compliance to provide a fair, just and non-discriminatory business environment for Chinese enterprises to invest and operate in India.
According to the Securities Times e company, relevant statistics show that at least 500 Chinese-funded enterprises have suffered a tax and compliance census in India, which is the largest and most far-reaching systemic crisis that Chinese companies have faced since entering India.
Market for "Made in India"
According to Research and Markets' 2022 India Smartphone Market Report: 2021-2028 Scale, Analysis, Growth, Demand, Trends, Opportunities, Forecasts, the companies that dominate the Indian smartphone market are already Xiaomi, vivo, Realme, Samsung and OPPO.
Share of "Made in India" smartphone shipments in the first quarter of 2022, Source: Counterpoint
According to Canalys statistics, in the first quarter of 2022, Xiaomi's market share in India reached 21%, while vivo ranked fourth with a market share of 15%.
(Comprehensive Global Times, Daily Economic News, Finance World Weekly, Xinhua Finance)
Editor: Zheng Chuqiao