(Telecompaper) Chinese manufacturer Xiaomi is raising over USD 1 billion in its latest funding round. This values the Chinese smartphone maker at over USD 45 billion, the Wall Street Journal reports, citing an unnamed person familiar with the matter. Expected to close on 22 December, the funding round is led by tech investment fund All-Stars Investment, the source added. Other participants in the round include existing Xiaomi shareholders Russian investment firm DST Global and Singapore fund GIC. Private-equity firm Yunfeng Capital is also participating in the round. A Xiaomi spokesman declined to comment. Back in August 2013, in its previous funding round, Xiaomi was valued at USD 10 billion.