writes "Xiaomi, perceived as a budget version of Apple in China, ruffled the market when its low end smartphone Hongmi ( which means red rice ) sold 100,000 units in 90 seconds. This and other cheap yet capable smartphones are especially appealing to the masses and emerging markets. Selling for half the price of known models from Apple and Samsung, they offer the same basic experience like web surfing, gaming, photo and video recording.
Apple is reportedly working on a lower-priced smartphone to sell, but it may already be too late."Link to Original Source