According to TechCrunch Chinese Android devices startup, Xiaomi has acquired the two letter domain name Mi.com to rebrand its company outside China from Xiaomi.com to Mi.com.
Xiaomi translates literally as ‘little rice’.
“The ‘Mi’ in Xiaomi also functions as an acronym for ‘mobile Internet”
The domain name was owned by “Aunis LLC”
According to thenextweb.com, Li Wanqiang, co-founder and VP of Xiaomi, revealed on Weibo that Xiaomi spent CNY3.6 million ($577,000) to purchase the domain name, however an actual translation of the page actually says the purchase price was $3.6 Million dollars USD.
Congrats to the buyer and seller.