Faced with an industry-wide sales slump and other challenges, Chinese technology companies, including Lenovo, Xiaomi and iQiyi, are seeking new business growth engines and emerging business opportunities like artificial intelligence, according to their latest fiscal reports. Hong Kong-listed Xiaomi Corp posted first-quarter net profit of 4.2 billion yuan (US$600 million), recovering from a loss a year ago. But its revenue and major smartphone business continued to decrease with the Beijing-based company posting a 23.

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