China smartphone glory days are over as Apple, Xiaomi face tough times

By Yimou Lee and Paul Carsten HONG KONG/BEIJING (Reuters) - China's smartphone boom may be over, as even Apple Inc grapples with a slowing economy and investor darling Xiaomi Inc [XTC.UL] struggles to stand out amid intense competition in low-margin handsets. On Tuesday, Apple reported the slowest-ever increase in iPhone shipments as the Chinese market weakened. Xiaomi, China's most valuable start-up with a $45 billion pricetag, is under threat, after it missed targets for $1 billion in Internet