Chinese electronics maker Millet is the world's fourth-largest smartphone maker

Source: Internet
Author: User
Keywords Lei China jobs if China
Tags apple based company electronics financing lenovo market mobile phone

Chinese electronics maker Millet is the world's fourth-largest smartphone maker. The company is currently seeking financing, with valuations likely to exceed $40 billion trillion.

A number of people familiar with the matter have confirmed to Forbes that the beijing-based Millet company is considering raising more capital, which may have been valued four times times before, after a round of funding was completed last August (the amount was not disclosed), and the company's valuation amounted to $10 billion. Earlier in June 2012, the Millet Company, founded in 2010, completed a 216 million dollar financing, at which time the company valued 4 billion dollars.

If Millet were to finance 40 billion dollars or higher valuations, the company would become the world's most valuable private technology company, and among the world's most valuable equipment makers. If so, the company's valuations will surpass Sony, which is worth more than $19.5 billion trillion, and almost three times times as much as Lenovo. Lenovo is now the world's third-largest smartphone maker, with a market capitalisation of $15.6 billion trillion. A millet spokeswoman declined to comment on whether the company was seeking funding.

Millet Company was founded less than five years, is its founder and CEO Lei concept. The 44-year-old serial entrepreneur now has a net worth of $9.1 billion for the company's success. Lei has long been regarded as China's Steve Jobs, but he has given up on the technology icon and Apple's imitation. Currently in the Chinese market, Millet mobile phone sales have surpassed the iphone.

"I think that if jobs lived in China, he would not have been successful," Lei said in a Forbes interview two years ago, "Jobs is an extreme perfectionist, while Chinese culture emphasizes compromise." ”

Although Millet has not surpassed Apple's success, the company has swallowed up the Asian market's share, while handset sales have grown faster than any of the top five smartphone makers in the world. In the third quarter of this year, the number of millet handsets was 17.3 million, up more than 200% from a year earlier, according to a recent report by International Data Corporation IDC. Apple, by contrast, is the world's second-largest smartphone maker, after Samsung's shipments last quarter to 39.3 million, a 16% increase from the third quarter of 2013.

These sales figures are shocking for a company that has not been in the US market for less than five years. Now, as China's most intelligent mobile phone company, Millet is expanding its product line from Android phones to tablet computers and other products. The company is also expanding its global reach by selling its products to Singapore and India.

"Lei is a visionary founder who focuses on cutting-edge innovation. "The team around him is very strong and has a unique product expertise," Yuri Milner, an internet investment company, Globalceo Milner, said in a 2012 interview with Forbes. ”

Mr Milner's company is one of the few investors in millet, and other investors include Temasek Group (Temasek Holdings), Qiming Ventures and Morningside Ventures. People familiar with the matter did not say whether Millet had started discussing a new round of financing with potential investors, but said the company had rejected a financing plan that had previously been valued at about $30 billion trillion.

The company's sales were about $5.31 billion trillion in the first half of 2014, up about 150% per cent year-on-year, according to the millet data. Insiders expect annual revenues to exceed 11 billion dollars. Although Millet did not talk about profits, the report shows that the company has made a profit. With a 40 billion dollar valuation, the value of millet will be slightly below four times times the 2014 revenue. Apple's current market sales rate is 3.7.

The global technology industry has seen a series of events this year, notably the largest IPO in the 25 billion dollar history of China's E-commerce giant Alibaba Group, and a private car taxi service company, Uber, who has won 1.2 billion dollars in investment, The company is now valued at $18.2 billion trillion. If Millet completes its valuation of more than $40 billion trillion, it will easily overtake Uber as the world's highest-value start-up.

Samsung remains the world's top handset maker, with 78.1 million handsets shipped last quarter. Lenovo bought Motorola Mobility (Motorla adroit) from Google for $2.91 billion, making it the world's third-largest handset maker after Apple. Of the 328 million smartphones shipped in the third quarter, Lenovo and Motorola accounted for 8.7%, more than 5.3% of Millet's market share.

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