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Is Xiaomi Really Worth $50 Billion?

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Xiaomi Corp., the Chinese smartphone maker founded four years ago, is trying to raise funds at a valuation higher than any publicly traded personal-computer or mobile-phone maker, including Apple Inc. and Lenovo Group Ltd.

Xiaomi is in talks for a funding round that would value the Beijing-based company at $40 billion to $50 billion, people familiar with the matter have said. The talks are at an early stage and nothing is finalized, they said.