China's Xiaomi raises more than $1bn in funding

GMT 22:03 2014 Sunday ,21 December

Arab Today, arab today China's Xiaomi raises more than $1bn in funding

Xiaomi CEO Lei Jun
Beijing - AFP

 China's top smartphone seller Xiaomi Corp. is raising more than $1 billion in a fresh round of funding, a move which would raise its valuation above $45 billion, a report said Sunday.
Dow Jones Newswires, citing a person familiar with the issue, said the latest round of funding could close as soon as Monday.
It was being led by tech investment fund All-Stars Investment and also involved were current shareholders Russian investment firm DST Global and Singapore sovereign-wealth fund GIC, the report said.
Private-equity firm Yunfeng Capital which is affiliated with Alibaba Group Holding Ltd. chair Jack Ma, was also taking part.
Established only four years ago, Xiaomi was valued at $10 billion in a previous round of funding in August 2013.
A company spokesman declined to comment, the report said.
Mainland China is the world's largest smartphone market, and Xiaomi's cheap, feature-packed handsets ousted Samsung as the top seller there in the second quarter.

Arab Today, arab today
Arab Today, arab today
arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabs, Arab, Arab