Xiaomi has just released their second quarter reports and it showed that the company has covered 18 percent of the market share in China. Because of this leap, Xiaomi is bound to be one of the top competitors of tech giants Apple and Samsung.

After Xiaomi reached out to the market with their initial RedMi and Mi lines, they have already grown from a start-up company to a multi-billion dollar business that has a $45 billion investor's valuation.

Xiaomi has stood out because of their competitive products and cheaper offerings. They were also the first smartphone company to boast about their Qualcomm Snapdragon specs. At present, Xiaomi stands to cover 5.2 percent of the market share but they are expected to grow this year.

Xiaomi has not only developed in financial status but in the company's talent pool as well. According to MIT's 50 smartest companies list, Xiaomi stands at the 2^nd position from being on the 30^th place last year. On the other hand, Apple was just on the 16^th place this year and they were not included in the list for last year.

Meanwhile, Xiaomi Vice President for Global Operations, Hugo Barra, said that the company is not following Google's lead in creating smartcars. A few months ago, it was suggested that the company might venture into this industry but Barra said it is just not something they are equipped to do just yet. However, he did not close the possibility for Xiaomi to venture out in the future.

Barra said that the company is also battling issues like global patent licensing. However, they are meticulously taking systems one at a time to ensure that their ideas are protected.

Xiaomi has just released their newest smartphone, the Mi4, and they are currently introducing RedMi 2 in the Brazilian Market.