aBEIJING (AFP): China’s top smartphone seller Xiaomi Corp. is raising more than $1 billion in a fresh round of funding, a move which would raise its valuation above $45 billion, a report said Sunday. Dow Jones Newswires, citing a person familiar with the issue, said the latest round of funding could close as soon as Monday. It was being led by tech investment fund All-Stars Investment and also involved were current shareholders Russian investment firm DST Global and Singapore sovereign-wealth fund GIC, the report said.

Private-equity firm Yunfeng Capital which is affiliated with Alibaba Group Holding Ltd. chair Jack Ma, was also taking part. Established only four years ago, Xiaomi was valued at $10 billion in a previous round of funding in August 2013. A company spokesman declined to comment, the report said. Mainland China is the world’s largest smartphone market, and Xiaomi’s cheap, feature-packed handsets ousted Samsung as the top seller there in the second quarter.