Analysts thought that since it made rather nice looking smartphones and was based around a “charismatic leadership” it must be trying to copy Apple. After all everyone wants to be a profiting cargo-cult.

However, its billionaire co-founder Lei Jun said he was not really interested in the Apple business model and would be rather seen as the Chinese Costco.

For those who came in late, Costco is a warehouse retailer that sells everything from wine and diamond rings, boxes of cereal and fruit at knockdown prices.

Xiaomi's revenue will reach $15 billion this year as the Beijing-based maker of products ranging from pens and air purifiers to TVs and smartphones.

Lei, 47, wearing his trademark black polo shirt and blue jeans, said:  “We are not Apple. We have the same value system as Costco. We want users to enjoy better products at an affordable price."

Definitely not Apple then.