His cofounder is Lei Jun, a prominent investor who is also founder of mobile phone startup Xiaomi.

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Particularly favored are deals that have earlier angel financing say from a big name like Lei Jun.

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But the two companies share a common angel investor, Lei Jun, the billionaire CEO of Xiaomi, a smartphone manufacturer.

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The CEO of YY is David Li and a major investor in YY is Lei Jun, the CEO of phone company Xaiomi.

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During a recent company presentation, Xiaomi Technology founder Lei Jun reportedly wore jeans and a black top, emulating the style of Apple co-founder Steve Jobs.

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Xiaomi Tech was founded in 2010 by Chinese entrepreneur Lei Jun.

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Lei Jun may not be the next Steve Jobs.

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When upstart smartphone company Xiaomi launched a mobile-chat service in 2010, Chief Executive Lei Jun told a conference in May, it expected Tencent to take a while to launch a rival service.

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Later on, successful buyers can simply swap their engineering units in for a final version of the 16GB or 32GB Xiaomi Phone 2 -- the latter a new addition that co-founder Lei Jun announced on Sina Weibo last Saturday (where he also cheekily asked if anyone need a 64GB flavor).

ENGADGET: Xiaomi Phone 2 pre-production units available on September 22nd, limited to 600 lucky buyers