Bai Peng,Russia the vice president of Xiaomi’s B2B business, has recently departed from Xiaomi and joined iQiyi Smart, a company focused on VR headsets backed by China’s video streaming giant iQiyi, as its CEO. Bai entered Xiaomi in 2015 and was initially responsible for the company’s video streaming platform Xiaomi Video. In 2021, Xiaomi ventured into B2B business initiatives, and Bai Peng was promoted to its vice president. However, Xiaomi gradually abandoned its B2B operations as it moved into the EV market, making business adjustments in the process. IDC data in 2022 showed that China’s VR device sales reached 1.1 million units, while products from iQiyi Smart accounted for only around 7% of the total deliveries in the domestic market. With Bai’s appointment, the VR company will focus on the B2B business, according to a source familiar with the matter. [36Kr, in Chinese]
