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With just one smartphone on sale, Chinese OEM Xiaomi already rivals RIM in terms of value

BlackBerry beater valued at $4 billion

With just one smartphone on sale, Chinese OEM Xiaomi already rivals RIM in terms of value
Despite having launched just one smartphone to date, a valuation of Chinese manufacturer Xiaomi has suggested the company is already almost equal in value to Canadian giant RIM.

The assessment was triggered by a $216 million funding round, with the sum effectively valuing the two-year old company at $4 billion.

By comparison, the BlackBerry manufacturer's market cap currently sits at around $4.7 billion.

Low-cost high-end

Xiaomi co-founder and CEO Lei Jun has so far declined to reveal who was involved in what was the company's third funding round, though previous rounds have been led by by IDG and Morningside respectively, securing a total of $131 million.

To date, Xiaomi has brought just one smartphone to market – the MI-One. The handset boasts a dual-core Snapdragon S3 and an Adreno 220 GPU, coupled with a relatively low price-tag.

The device has proved extremely popular since launch. Xiaomi has sold 70 million MI-One handsets so far, and generated more than $157.1 million in revenue. Lei Jun's announcement also pegged the company's profits at $15.7 million to date.

Looking ahead, Lei Jun has claimed "copying Apple is no way to go", suggesting a move on mobile commerce could be a possible avenue for the company to explore in the years ahead.

[source: Sina Tech via TechInAsia]
Staff Writer

PocketGamer.biz's news editor 2012-2013