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Xiaomi Director Says Valuation Reaches $10 Billion

Xiaomi Corp., the three-year-old smartphone maker that overtook Apple Inc.’s iPhone in China, has a valuation of $10 billion after completing its latest round of funding, according to a board member.

Hans Tung, a director of Xiaomi, confirmed the valuation in an e-mail today, declining to provide further details of the fundraising. Founder and CEO Lei Jun confirmed the estimate for the closely held company earlier today on his verified account on Sina Corp.’s Weibo microblog.