Chinese smartphone maker Xiaomi gets $216m funds

BEIJING - Chinese smartphone manufacturer Xiaomi Corp secured $216 million during its latest round of financing, the company's founder and president said.

Company president Lei Jun said the funding came from "leading international investment firms" but did not reveal any details about the investors.

He also said Xiaomi has no plans to go public over the next five years, China Securities reported Wednesday.

Xiaomi, which only started to sell smartphones in October 2011, has made efforts to produce high-end smartphones at affordable prices. The company's flagship Xiaomi Phone smartphone costs about 1,999 yuan ($314) or less than half the price of an Apple iPhone 4.

Xiaomi has moved 2.7 million units so far, despite requiring customers to purchase the phone in advance through the company's website due to its limited production capacity. Lei said the company expects to sell 5 million of the phones by the year's end.

Last December, Xiaomi secured funding worth $90 million through a venture capital fundraising effort that attracted several foreign investors, including IDG Capital, Temasek Holdings and Qualcomm Inc.