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The 'Apple Of China' Is Now Valued At $10 Billion

Steve KovachAug 23, 2013, 02:49 IST

Xiaomi/YouTubeXiaomi CEO Lei Jun.China-based smartphone maker Xiaomi is now valued at $10 billion thanks to another round of funding, Tech In Asia reports.

The report does not say how much Xiaomi has raised.

Chances are pretty good you've never heard of Xiaomi, but it's often referred to as "The Apple of China." That's because it has a wild fan base and largely copies from Apple's marketing playbook.

The company mostly makes normal-looking Android phones that sell at steep discounts. Most flagship models sell out within minutes of their online launches.