What a difference a year makes. It was almost exactly this time last year that smartphone sensation Xiaomi was king of the world, after closing a major new funding round that valued the company at a lofty $45 billion just five years after its founding. That was the last time Xiaomi boasted of its high valuation, and since then the company’s name has become more associated with marketing snafus, product delays and minor scandals involving issues like false advertising.

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