BEIJING (dpa-AFX) - Xiaomi Corp. is raising more than $1 billion in its latest round of funding, valuing the Chinese smartphone maker at more than $45 billion, the Wall Street Journal reported, quoting a person familiar with the matter.
The reports said that the round, which could close as early as Monday, is led by All-Stars Investment, a tech investment fund run by former Morgan Stanley analyst Richard Ji. Other participants in the round include Russian investment firm DST Global and Singapore sovereign-wealth fund GIC, which are both already shareholders of Xiaomi.
According to the report, Yunfeng Capital, a private-equity firm affiliated with Alibaba Group Holding Ltd (BABA). Executive Chairman Jack Ma, is also participating in the round. The person declined to say how many shares will be sold in the latest round.
The $45 billion-plus valuation puts Xiaomi above most other Silicon Valley and Asian technology startups. Earlier this month, U.S. ride-sharing service Uber Technologies Inc. said a new round of funding valued it at $41 billion.
Copyright RTT News/dpa-AFX