China's Xiaomi says has no plans to raise funds

[HONG KONG] China's most valuable start-up Xiaomi Inc 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.

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

REUTERS