Not only is Apple still making more money than Samsung in the mobile business, but the iPhone maker is threatening Samsung’s lead in the smartphone business for the first time in years, as the iPhone 6 and 6 Plus helped Apple sell a huge number of handsets during the Christmas quarter. But the iPhone isn’t Samsung’s only nightmare, as the company faces fierce competition in various markets when it comes to cheaper handsets. China is an area of particular interest, where local smartphone makers are selling more and more impressive low-cost devices. One of them is Xiaomi, which might soon be giving Apple some sleepless nights as well.

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The company has sold out its initial stock of Mi Note phablets in just three minutes, Android Central reports. The phone was announced only a few weeks ago at CES 2015, and it was Xiaomi’s direct response to the iPhone 6 Plus and the Galaxy Note 4.

The company did not say how many Mi Note units it sold in its first day, but one Xiaomi vice president said the sale received a mind-blowing 220 million reservations — though clearly, not all of them converted into actual sales.

Selling out stock is business as usual for the company, which is constantly doing this with new phone releases. The next Mi Note batch is launching on February 3rd, while the Mi Note Pro is going to be released in March.

Often criticized for copying Apple’s designs with its devices, Xiaomi has found tremendous success in China, where it’s selling high-end devices and mid-range phones for cheaper prices.

Xiaomi has slowly become a major threat to Samsung, competing directly against Samsung’s entry-level and mid-range devices, at least when it comes to prices, as some of Xiaomi’s devices are on par with Samsung’s flagship offerings. Even though Apple’s iPhone 6 is very popular in China, the iPhone maker is also facing increased competition from Xiaomi.

Xiaomi aims to sell 100 million smartphones this year, a significant increase from last year’s 61.1 million units, and an internal target that might worry both Samsung and Apple.

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