Mark Zuckerberg and Xiaomi Inc CEO Lei Jun to discussed a potential investment by Facebook in China's top smartphone maker ahead of its $1.1 billion fundraising last month, it has been revealed. The firm accused as dubbed 'Apple of China' and Apple believed the firm simply copies their work.
The Chinese smartphone manufacturer recently became the most successful tech start-up in the world after being valued at $45 billion (£29 billion). However, a deal is yet to materialized, several people with knowledge of the matter told Reuters.
Due to several factors slowly down its production such as political and commercial implications of Facebook - which has been banned in China since 2009 - buying into the Chinese tech star now valued at $45 billion.
One individual with direct knowledge of Xiaomi's fundraising said the mooted Facebook investment was 'not huge,' but the talks underscore how ties between U.S. and Chinese companies have deepened as China's tech industry matures.
Xiaomi's Lei was partly put off by the potential for political fallout at home of selling a stake to Facebook while the U.S. social network is still banned in China, two of the people said, adding Xiaomi also feared a tie-up with Facebook could threaten its relationship with Google Inc, a crucial business partner.
Meanwhile Xiaomi's phones are built on Google's Android operating system.
Photo Credit: Getty Image/Mailonline tech
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