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Chinese Smartphone Manufacturer Raises Addition Investment Funding
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Chinese smartphone manufacturer Xiaomi says that it has raised an additional US$216 million during its latest round of financing.
Company president Lei Jun said the funding came from "leading international investment firms" but did not reveal any details about the investors.
He also told China Securities that the company has no plans to seek a stock market listing for at least the next five years.
Xiaomi, which started selling smartphones in October 2011 says that it targets the mid-range models, offering smartphones that sell for under 2000 yuan (US$314). The company claims sales of 2.7 million handsets, even though it is currently limited to online sales via its own website.
The company aims to sell 5 million handsets this year.
Last December, Xiaomi raised US$90 million from investors, including IDG Capital, Temasek Holdings and Qualcomm.
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