Xiaomi vastly outgrew all its major rivals in Q4 2017. It solidified the 5th position in global smartphone market with a robust +87% YoY growth by volume. India remained as the bright spot for Xiaomi this quarter, where the vendor scaled up to the top position for the first time ever since it entered the market 3 years ago. Meanwhile, Xiaomi managed to maintain its growth momentum in home market, despite a double-digit decline this quarter in Chinese smartphone market. Xiaomi is outgrowing most vendors for now, but we caution its breakneck speed to slow down in 2018.