Xiaomi - 'The Apple Of China' - Spent Nearly $600,000 On A Two-Letter URL

Chinese smartphone maker Xiaomi spent the equivalent of $577,000 to obtain the "mi.com" URL as part of an international rebranding, one of its executives said on the Chinese social network Weibo, according to The Next Web.

Xiaomi is immensely popular in China. It makes high-quality Android smartphones, but sells them for cheap. They're usually only available online and new models sell out within minutes. The company is often called "the Apple of China" because it evokes the same kind of fervor Apple does in the U.S.

Xiaomi is now trying to expand outside China. It announced today that it'll start selling its products in 10 new countries this year, including India and Brazil. It also announced a few new products, including a sleek-looking streaming TV box called the Mi Box Pro, which is capable of pumping out 4K, or Ultra HD, video.