“What is the biggest problem? There are many fakes,” Lei said. “If there were no counterfeits, our sales would be double or triple. The product has been recognized by everyone.”
Xiaomi doubled revenue last year and more than tripled smartphone shipments to 61.1 million units. Xiaomi’s sales are projected to rise to as much as 120 billion yuan ($19 billion) this year, from 74.3 billion yuan in 2014, Lei said last month.
The smartphone maker sells at least three configurations of the Mi Power Bank on its website in China at prices ranging from about $7.90 to $21. At those prices, the revenue lost to counterfeiters would be equal to at least $115 million. The devices are produced by Jiangsu, China-based Zimi Corp., one of the startups backed by Xiaomi.