BACK in 2014, smartphone-maker Xiaomi Corp became that rarest of unicorns, the most valuable startup in the world, with a US$46bil valuation.
Xiaomi applied a seemingly potent formula for conquering the China market. Its phones had quality features and looks, like those of Apple Inc’s iPhones, but came with low prices. Adding to the allure, they were sold only online, with flashy marketing events – sometimes featuring co-founder Lei Jun looking like Steve Jobs in a black turtleneck – to stir up interest.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!