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Chinese Phonemaker Xiaomi Aims to Exceed $14 Billion Sales

  • Billionaire CEO Lei Jun says the company needs to slow down
  • Former market leader wants to operate 200 stores by year’s end
Lei Jun.

Lei Jun.

Photographer: Qilai Shen/Bloomberg
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Xiaomi Corp., one of China’s most valuable technology startups, is shooting for more than 100 billion yuan ($14.5 billion) of revenue in 2017, even as it pledged to slow its pace of business expansion and overhaul an online-focused retail strategy.

Chief Executive Lei Jun laid out his goals for the year, which include quadrupling its store network to 200 outlets, expanding globally and deepening research into artificial intelligence and online finance. In a memo posted on his WeChat account, the billionaire entrepreneur admitted his company had tried to grow too rapidly in past years.