China's Xiaomi raises more than $1.3 billion in funding: report

China's Xiaomi raises more than $1.3 billion in funding: report
Lei Jun, founder and chief executive officer of China's mobile company Xiaomi Inc, introduces the new features of Xiaomi Phone 4 at its launching ceremony, in Beijing, July 22, 2014.

BEIJING - China's top smartphone seller Xiaomi Corp. is raising more than US$1 billion (S$1.3 billion) in a fresh round of funding, a move which would raise its valuation above $45 billion, a report said Sunday.

Dow Jones Newswires, citing a person familiar with the issue, said the latest round of funding could close as soon as Monday.

It was being led by tech investment fund All-Stars Investment and also involved were current shareholders Russian investment firm DST Global and Singapore sovereign-wealth fund GIC, the report said.

Private-equity firm Yunfeng Capital which is affiliated with Alibaba Group Holding Ltd. chair Jack Ma, was also taking part.

Established only four years ago, Xiaomi was valued at US$10 billion in a previous round of funding in August 2013.

A company spokesman declined to comment, the report said.

Mainland China is the world's largest smartphone market, and Xiaomi's cheap, feature-packed handsets ousted Samsung as the top seller there in the second quarter.

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