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China’s Xiaomi to get USD4b valuation after funding

Chinese smartphone maker Xiaomi Technology is in the process of closing a fundraising round that will value it at USD4 billion – almost half of Nokia’s market capitalisation – a source with direct knowledge of the matter said.

Xiaomi, which sells smartphones at a fixed CNY1,999 (USD310), announced last month that sales of its Xiaomi flagship phone had reached 1.8 million units since sales started in September last year. Its phones are sold primarily online.

Xiaomi’s latest fundraising round is in the final stages, said the source, declining to give further details. The source declined to be named because the information is not yet public.

(Source: CNBC)