3X. Yes, that magic number that haunted all hardware companies and drove (most lazy) VCs away from investments in hardwares. The market is currently seeing Xiaomi as a pure hardware company. It will take time to see if the market will buy into Lei Jun's "Xiaomi is an internet company" in the future.

… totally different from privately-owned corporates, whether by PE firms (Toys R' Us) or by individuals (Gibson), which have not had its stocks transacted by large volumes for quite a while therefore do not have any sort of signals for the worth of their stocks. This makes financing options purely based on company's financial health, specifically near-to-mid term free cash flow levels.