7.45 million pre-orders. 100,000 sold out in 90 seconds. This isn't a new iPhone but the Hongmi - or "Red Rice" - the latest cheap smartphone from Xiaomi, which went on sale this week. It's sometimes called China's Apple, but Xiaomi's now outselling the iPhone here according to some measures. And it's gunning for sales of 15 million smartphones this year. I met up with founder and CEO Lei Jun in Beijing, and asked him how the company can sell phones for so little and survive.