The 'Apple Of China's' Valuation Skyrockets Past $45 Billion

Xiaomi mi4 smartphone launch lei jun ceoJason Lee/ReutersXiaomi CEO Lei Jun introduces the Mi4.

Xiaomi has reportedly raised more than $US1 billion in its latest round of funding, which brings the valuation of China’s biggest smartphone maker to more than $US45 billion, The Wall Street Journal reports.

The funding round — led by All-Stars Investment, a fund run by former Morgan Stanley analyst Richard Ji — is expected to close as early as Monday. 

At $US45 billion, Xiaomi would be more valuable than most other Silicon Valley technology startups, including Uber, which just closed a funding round that values the ridesharing startup at $US41 billion.

Xiaomi has made a name for itself in emerging markets thanks to its phones that are highly similar to Apple’s high-end devices, but sold at extremely low prices.

The company shipped 18 million handsets in the last quarter — a whopping year-over-year growth of 239% during that period.

It’s currently the fourth-biggest smartphone maker in the world, and the biggest in China.

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