Xiaomi’s Buying Spree Gives Apple, Samsung New Reasons to Sweat

Xiaomi Corp. zoomed past Apple Inc. and Samsung Electronics Co. in China smartphone sales just three years after releasing its first model. Founder Lei Jun is now on a buying spree to take that momentum beyond handsets.

Since November, the maker of Mi devices has participated in more than $600 million of investments in three companies and announced it bought into dozens of startups making everything from an air purifier to low-energy light bulbs.