The CEO of Xiaomi said the smartphone maker is not planning a public listing “at the moment”.

Lei Jun did not rule out an eventual initial public offering (IPO), but said this will not be “for the time being” – and he refused to be drawn on what that phrase meant – Bloomberg said.

While Xiaomi had seen several years of strong growth – both in shipment and PR terms – there are signs that it is now encountering some of the challenges which tend to affect bigger companies.

As the company grows in size, fast growth is no longer easy to find, in addition to which there is a backdrop of concern about the economy in China.

The company’s international expansion plans also appear to have slowed as it focuses on the Indian market – widely identified as one of the key remaining high-growth smartphone markets.

The report also said that Lei is forecasting “another round of momentum for mobile internet products”, as 4G networks expand into rural markets and high-end smartphone prices fall.

Late last month, Xiaomi unveiled its latest flagship device, Mi5, along with a Pro-badged sibling.