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I can bet that very few people have heard the name Xiaomi (it’s pronounced sh-ow-me). The business’s trick is to offer high-spec phones at low prices. Xiaomi’s smartphones rival those of Apple and Samsung’s in terms of performance, as well as mimicking their designs. Even Xiaomi’s website echoes Apple’s. But whereas an iPhone 6 costs $649, Xiaomi’s highest performance device, the Mi3, costs just $320.
The Chinese company is a sensation in China and India, going from a standing start four years ago to overtaking Samsung as the market-leader today. Earlier last month, Xiaomi ) announced that its sales grew by 227 per cent last year, while revenue jumped by 135 per cent to £7.8bn. The news came a week after the business surpassed Uber as the world’s most valuable privately held company. Xiaomi raised $1.1bn at a valuation of $45bn, compared to Uber which costs $40bn.

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