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"The biggest unicorn of all lives in the Middle Kingdom. If you haven\u2019t heard of Beijing-based smartphone maker Xiaomi, get ready\u2014its swift rise has the potential to be the biggest thing brewing inside China since Alibaba\u2019s IPO.\nIn China, Xiaomi\u2019s cheap phones (its Redmi 2 costs $115) are hotter than Apple\u2019s \n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\tAAPL\n\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\n\t\t\t. But Lei Jun, Xiaomi\u2019s founder and CEO, isn\u2019t stopping there. He\u2019s working to create a universe of Xiaomi products by expanding into categories as diverse as air purifiers and Internet TV boxes. The company just raised money at a $46 billion valuation. Yuri Milner, the Russian venture capitalist who bet on Facebook in 2009, is one of the prominent investors backing what he calls the next $100 billion company.\nWatch more about tech Unicorns from Fortune&amp;#8217;s video team:\n\n\t\t\t\t\n\t\t\t\n\t\t\t\nChina has several impressive billion-dollar-plus startups. Dianping is a Yelp-Groupon mashup with 190 million monthly active users; Mogujie is a Pinterest clone favored by the country\u2019s fashionistas; Koudai Shopping connects online shops with users on China\u2019s most popular social network, WeChat. With online retail in the country expected to pass $500 billion in 2015 from just $200 billion in 2012, China is a supersize incubator for growth and fertile pasture for unicorns to graze.\n\nThis story is from the February 2015 issue of Fortune."^^<http://www.w3.org/2001/XMLSchema#string>
<http://fortune.com/2015/01/22/king-of-the-unicorns/>