The company made this announcement on January 2 but it did not provide specific investment details.

Xiaomi said in October it planned to launch more than 10 5G phone models in 2020.

In November, Xiaomi launched its first smartwatch called the Mi Watch, which looks similar to the Apple Watch.

Xiaomi posted Q3 2019 revenue of 53.7 billion yuan ($7.65 billion), up 3.3% from 51.95 billion yuan ($7.39 billion) revenue it reported in Q2 2019 and 5.5% rise since Q3 2018.

"We need to turn our continuous advantage we have in AIoT and intelligent life into absolute victory in the intelligent full scene, and completely cement our king status in the smart era," Xiaomi Chief Executive Lei Jun said.