The 'Apple Of China' Is Now Valued At $US10 Billion

Xiaomi keynote presentationXiaomi/YouTubeXiaomi CEO Lei Jun.

China-based smartphone maker Xiaomi is now valued at $US10 billion thanks to another round of funding, Tech In Asia reports.

The report does not say how much Xiaomi has raised.

Chances are pretty good you’ve never heard of Xiaomi, but it’s often referred to as “The Apple of China.” That’s because it has a wild fan base and largely copies from Apple’s marketing playbook.

The company mostly makes normal-looking Android phones that sell at steep discounts. Most flagship models sell out within minutes of their online launches.

NOW WATCH: Tech Insider videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.