China’s Xiaomi Valuation at $10Bn After New Funding，CEO Says08-23 14:08 Caijing
China's smart phone startup Xiaomi has secured a new round of funding which put the firm's valuation at $10billion, Chairman and CEO Lei Jun confirmed Thursday via his weibo account.
It all started with a post by Li Xueling, CEO of YY, a U.S.-listed Chinese online entertainment company, saying he heard Xiaomi has nailed a $10billion valuation. Lei then retweeted the post about half hour later confirming "Yes, we did! And thank everybody! "
The $10billion valuation was also confirmed by Xiaomi co-founder Li Wanqiang commenting on Lei's post when he replied a weibo user.
The fourth round of funding came only a year after the company brought in $216million in the Series C funding last June which lift the valuation to $4billion.
Li said more details will be given later on September 5th at Xiaomi's upcoming event to unveil new products.
Xiaomi sold over 7million devices in the first half of 2013, taking in 13.27billion yuan ($2.16billion) in revenue, a remarkable 140 percent expansion from a year earlier.
Lei who clearly has bigger goals, expected annual revenues to reach 28billion yuan for this year and a staggering 100billion yuan by 2015.
Though a latecomer, the company has made great leaps and just replaced Apple to be the country's sixth largest vendors in the second quarter, snatching a 5.0 percent share in the world’s largest smart phone market.
Hongmi or "Red Rice", the company's latest smart phone priced at 799 ($ 130), targeting China's huge low-end phone market, went on sales on August 12 and is expected to this year's "big hit".
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