Xiaomi raises $1 billion; now valued at 45 billion
Xiaomi Corp raised about $1 billion in a new funding round that values China’s largest smartphone vendor at $45 billion, according to a person familiar with the matter.
At $45 billion, Xiaomi would be valued higher than any publicly traded personal-computer or mobile-phone maker, according to data compiled by Bloomberg. Apple trades at 3.73 times sales.
The financing was led by All-Stars Investment Ltd and included Yuri Milner’s DST and GIC Pte, the person said, asking not to be identified because the details are private. Joy Han, a spokeswoman for Beijing-based Xiaomi, declined to comment.
Xiaomi founder and Chief Executive Officer Lei Jun is expanding overseas and unveiling new products including an air purifier to build on growth in China, where Xiaomi overtook Samsung Electronics Co in smartphone sales. In the third quarter, Xiaomi was the world’s third-largest vendor behind Samsung and Apple Inc. (Photo 5)