Xiaomi's latest funding over US$1b
Agencies via Shanghai Daily, December 22, 2014 Adjust font size:
China's top smartphone seller Xiaomi Corp is raising more than US$1 billion in a fresh round of funding, a move which would raise its valuation above US$45 billion.
Dow Jones Newswires, citing a person familiar with the issue, said yesterday that the latest round of funding could close as soon as today.
It was being led by tech investment fund All-Stars Investment and also involved current shareholders Russian investment firm DST Global and Singapore sovereign-wealth fund GIC.
Private equity firm Yunfeng Capital, which is affiliated with Alibaba Group Holding's Executive Chairman Jack Ma, was also taking part.
Established only four years ago, Xiaomi was valued at US$10 billion in a previous round of funding in August 2013.
Xiaomi's cheap, feature-packed handsets ousted Samsung as the top seller on the Chinese mainland in the second quarter.
