Rising smartphone star Xiaomi is moving upmarket and taking aim at Apple. The Chinese manufacturer yesterday unveiled a new model that chairman Jun Lei said has processor performance comparable to Apple's iPhone 6 but is thinner and lighter. The 16-gigabyte model starts at 2,299 yuan ($375), less than half the iPhone's 5,288 yuan ($865) price in China. Xiaomi, founded in 2010, passed South Korea's Samsung Electronics Co. last year as the best-selling smartphone brand in China by number of handsets sold. The new phone could add to competition for Apple in China, a market the company says should become its biggest in coming years. The company, based in Beijing, recently completed a round of fundraising from investors that it said valued Xiaomi at $45 billion, making it one of the world's most valuable technology brands.
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