'Apple of China' Xiaomi: Yep, we HAVE just bagged $1.1 BEELLION

Chinese firm going for Samsung's market share

Top Chinese mobile phone manufacturer Xiaomi has confirmed reports that it has raised $1.1bn to fund its plans for world domination.

In a Facebook Post, president and co-founder Bin Lin said:

We just completed the latest round of funding last week, raising US$1.1 billion at valuation of US$45 billion. Investors include All-Stars Investment, DST, GIC, Hopu Fund and Yunfeng Capital among others. This is an affirmation of Xiaomi's stellar results in four years, and heralds a new phase for the company.

That new phase includes the opening of a Xiaomi office in Brazil, the first non-Asian market for the manufacturer and one where it will need to modify the sales model as most devices there are sold on a hire purchase model.

Lin added:

We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience. In January 2015, we will be unveiling our next flagship device. Big thanks to all Mi fans, business partners and investors for your strong support.

One of those products is rumoured to be a device where the screen curves around both sides of the phone, a little like the Samsung Edge but on both sides, and which may be among the substantial showing expected for CES.

Xiaomi has had a stellar year growing global market share to six per cent and overtaking Samsung in China.

A move into more innovative devices and wider markets would no doubt help its margins, which are said to be extremely thin. ®