China's version of Steve Jobs to lead China's version of Apple to $40 Billion valuation thanks to China's version of the iPhone

Multiple sources confirmed to FORBES that the Beijing company is considering raising more money and possibly quadrupling its previous valuation of $10 billion, which it attained after an undisclosed amount of funding in August of last year. Prior to that Xiaomi, founded in 2010, had raised $216 million in June 2014 at $4 billion.

If Xiaomi is able to raise money at a valuation of $40 billion or higher, it would become the world’s most valuable private technology company and rank among the most valuable device manufacturers. At that amount, the company would be worth more than Sony , which has a market capitalization of $19.5 billion, and almost three times as much as the world’s third-largest smartphone maker Lenovo , which has a market value of $15.6 billion. A Xiaomi spokesperson declined to comment on whether the company was looking to raise money.

Xiaomi Aims To Raise At $40 Billion And Become World's Most Valuable Private Tech Firm | Forbes

One iPhone cloner out-cloning another.