China’s Xiaomi is now worth a whopping $45 billion

Xiaomi Corp. is raising more than $1 billion in its latest round of funding, valuing the fast-growing Chinese smartphone maker at more than $45 billion and making it one of the most valuable technology startups in the world, a person familiar with the matter said. The round, which could close as early as Monday, is led by All-Stars Investment, a tech investment fund run by former Morgan Stanley analyst Richard Ji, the person said. Other participants in the round include Russian investment firm DST Global and Singapore sovereign-wealth fund GIC, which are both already shareholders of Xiaomi. Yunfeng Capital, a private-equity firm affiliated with Alibaba Group Holding Ltd. Executive Chairman Jack Ma , is also participating in the round, the source said. The person declined to say how many shares will be sold in the latest round. A Xiaomi spokesman declined to comment. The $45 billion-plus valuation puts Xiaomi above most other Silicon Valley and Asian technology startups. Earlier this month, U.S. ride-sharing service Uber Technologies Inc. said a new round of funding valued it at $41 billion.