Chinese smartphone maker Xiaomi isn't a household name just yet, but the company is gaining a cult-like following in its home market and could soon become a "disruptive force" in the global smartphone arena.
"One company that particularly stands out to us as a potential game-changer is Xiaomi, with its huge fan base and unique business model. It is enjoying success due to super cheap high-spec phones sold on-line," Mark C. Newman, senior research analyst at Sanford C. Bernstein wrote in a note on Thursday.
"Xiaomi is emerging as a new disruptive force with two recent product announcements: the Hongmi smartphone and the Mi3 smartphone," he said.
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After only three years Xiaomi, or "Little Rice" in English, has taken great strides. In the second quarter Xiaomi overtook Apple in China's smartphone market, with a 5 percent share, compared with Apple's 4.8% share, according to market research group Canalys.