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Xiaomi co-founder likens company to Costco, not Apple

Lei Jun, co-founder of Chinese electronics giant Xiaomi Inc. wants his company to be compared with Costco rather than Apple Inc., Bloomberg News reported April 5.

"We are not Apple," he said, adding that Xiaomi has "the same value system" as the American warehouse retailer, where they "want users to enjoy better products at an affordable price."

The company's key strategy starting 2017 is to shift on bringing "the internet way of thinking to offline in China," the report said.