During this year’s record-breaking Single’s Day sales event, Xiaomi posted a project with a one-day limit on Taobao’s crowdfunding platform. The project goal was set to 10 million yuan, and backers who put up one thousand yuan would receive a new Xiaomi phone along with the chance to win a ticket to a Xiaomi press conference.

By midnight the project surpassed its goal by 3559%.

“Projects on Chinese crowdfunding sites aren’t really for crowdfunding,” explains Summer Su, a marketing executive at hardware startup Crazybaby. “They’re all about sales.”

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Eva Xiao

Eva Xiao is a tech reporter based in Shanghai. Contact her at eva.xiao@technode.com or evawxiao (wechat & twitter).