(Reuters) – China’s most valuable start-up Xiaomi is financially self-sufficient and has no plans to raise funds, its global vice-president said on Monday.

Xiaomi, the world’s fifth-largest smartphone vendor, also has no plans for an initial public offering, Hugo Barra told Reuters in an interview.

Xiaomi missed its global shipment target by 12 percent, selling 70 million handsets in a year when local rivals such as Lenovo and top player Huawei countered at home with similar Internet-only sales.

(Reporting By Yimou Lee and Elzio Barreto; Editing by Anne Marie Roantree and Muralikumar Anantharaman)