| HONG KONG
HONG KONG Jan 12 Chinese smartphone maker
Xiaomi is targeting sales of more than 100 billion
yuan ($14.47 billion) in 2017 as it emerges from a difficult
year that saw an overhaul of its business, its chief executive
Lei Jun said.
"The worst is over," Lei said at the company's annual
meeting in Beijing on Thursday, describing 2016 as a "make-up
year" during which time it slowed its growth to make essential
adjustments to its business.
The seven-year-old company, which was briefly the world's
most valuable start-up and hoped to become China's equivalent of
Apple Inc, fell out of the top three ranking in China
for smartphone vendors in 2016, after occupying the No. 2 spot
Privately held Xiaomi did not disclose 2016 sales.
($1 = 6.9102 Chinese yuan renminbi)
(Reporting by Sijia Jiang)