China's Xiaomi says has no plans to raise funds

Published 03/21/2016, 01:52 AM
Updated 03/21/2016, 02:05 AM
© Reuters. Apple CEO Tim Cook waves as he arrives on stage to deliver his keynote address at the Worldwide Developers Conference in San Francisco
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HONG KONG (Reuters) - China's most valuable start-up Xiaomi Inc (XTC.UL) is financially self-sufficient and has no plans to raise funds, its global vice-president said on Monday.

Xiaomi, the world's fifth-largest smartphone vendor, also has no plans for an initial public offering, Hugo Barra told Reuters in an interview.

© Reuters. Apple CEO Tim Cook waves as he arrives on stage to deliver his keynote address at the Worldwide Developers Conference in San Francisco

Xiaomi missed its global shipment target by 12 percent, selling 70 million handsets in a year when local rivals such as Lenovo Group Ltd and top player Huawei Technologies Co Ltd [HWT.UL] countered at home with similar Internet-only sales.

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