Fortune

If you live outside China, Malaysia, or Singapore, chances are you’re not very familiar with the name Xiaomi. Founded in August 2010, in Q3 2014 the Chinese company was ranked as the 3rd largest mobile OEM in the world. The WORLD. That is no small accomplishment to say the least, with companies like Sony, Motorola, LG, and HTC – all established players – wishing they could have such a coveted position. In fact, even the dominant giant, Samsung, couldn’t pass up the opportunity to scrutinize how the company has managed to be so successful. Then again, for a relatively new company to sell $163 MILLION worth of phones in 12 hours is pretty darn impressive indeed.

Here’s the catch though: Xiaomi isn’t content with its newly acquired bronze placement; it wants gold. It’s so confident, that CEO Lei Jun (currently China’s 23rd richest person) has likened his company to Apple, and proclaimed that it will become top dog within 5-10 years. Even more shocking? Apparently, China’s Steve Jobs may be planning for a global product launch after it reaches #1.

Given the rate at which things are progressing for the fledgling company, it’s safe to say Lei Jun may even best his own expectations, as Xiaomi is now targeting India for domination, along with other fast growing markets like Indonesia, the Philippines, and Brazil. Given the large number of customers there, it’s not unreasonable to assume that next year will see even bigger success and more money rolling in the door. Samsung stands to lose out big-time if more and more large markets fall to its rivals, and, even with a more streamlined product line being planned, it’s difficult to say what will happen. Still, it does have those folding screens on the way, something that Xiaomi apparently doesn’t, though given their potentially high cost, that’s probably going to be a shallow victory at best. Let’s see what the future has in store(s)!

For those who want to get a glimpse of what may come, be sure to check out our in-depth coverage of Xiaomi products and news.