David Xuelin Li, CEO of YY, published a Weibo post last night hinting Xiaomi closed the rumored new funding at a valuation of $10 billion. Lei Jun, CEO of Xiaomi, confirmed it with a re-post.

Earlier this week Lei said the new products, possibly a new phone and Smart TV, that were expected to be released in mid-August would be launched on September 5th.

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com

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