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CHINA-SMARTPHONES/
RTR36W4I 
August 16, 2012 
Lei Jun, founder and CEO of China's mobile company Xiaomi, speaks at a launch ceremony of Xiaomi Phone... 
Beijing, China 
Lei Jun, founder and CEO of China's mobile company Xiaomi, speaks at a launch ceremony of Xiaomi Phone... 
Lei Jun, founder and CEO of China's mobile company Xiaomi, speaks at a launch ceremony of Xiaomi Phone 2 in Beijing August 16, 2012. In China's booming smartphone market, which is set this year to overtake the United States as the world's largest, a host of little-known local firms are primed with cheap phones to squeeze market share from U.S. giant Apple Inc's iPhone. In the latest local challenge to the iPhone, Xiaomi Technology on Thursday launches the successor to its popular MiOne smartphone, which is expected to have top-end specifications exceeding those of the iPhone 4S - at around half the price. REUTERS/Jason Lee (CHINA - Tags: BUSINESS SCIENCE TECHNOLOGY) 
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