Xiaomi Corp (小米) yesterday unveiled its latest top-tier smartphone to bring the fight to Apple Inc and Samsung Electronics Co, as the Chinese start-up readies a highly anticipated initial public offering (IPO).
Cofounder Lei Jun (雷軍) showed off the MIX 2S, which starts at 3,299 yuan (US$527).
The phone — on paper — sports many of the bells and whistles familiar to power users, but is about half the iPhone X’s price tag.
Photo: Bloomberg
It has got a six-inch bezelless screen, ceramic body, Qualcomm’s latest processor and dual cameras.
It is Xiaomi’s third full-screen phone — a feature now embraced by the biggest vendors.
The MIX 2S could spearhead Xiaomi’s increasingly aggressive expansion into overseas markets, particularly the developed nations in which it still lacks a presence.
The company that once led the Chinese market has taken back domestic share from local brands such as Huawei Technologies Co (華為), Oppo Mobile Telecommunications Corp (歐珀移動) and Vivo Communication Technology Co Ltd (維沃移動通信) since last year, but they are all looking overseas as China’s smartphone market begins to shrink.
Xiaomi’s latest gadget could boost sales as Chinese consumers trade up to better-quality products and phone makers raise prices to compensate for the absence of new buyers.
At the launch, Lei repeatedly took potshots at Apple’s most advanced gadget, demonstrating how the iPhone X got much hotter running games and how Xiaomi’s low-light camera took better photos.
At one point, he even said the phone’s artificial intelligence assistant surpassed Siri.
“We are comparing to iPhone X because people say it is the best phone. We just want to show we surpassed the best in many features,” Lei told an audience packed into a Shanghai auditorium often used as a concert venue.
Beijing-based Xiaomi is said to be planning an IPO later this year, a coming-out party that could value the company as high as US$100 billion.
It has been investing in a growing number of partners that sell products from air purifiers to power banks under Xiaomi’s brand.
Huami Corp (華米), which makes fitness trackers and “smart” watches, raised US$110 million in a New York IPO last month.
The firm now hopes a growing footprint beyond China could help boost its debut valuation.
It was the biggest smartphone vendor in India in the fourth quarter last year, according to research firm IDC.
Apart from emerging markets, Xiaomi is also eyeing Europe and North America, where it can sell higher-priced products.
The company is said to be angling to challenge Apple on its home turf no later than next year.
Xiaomi’s flagship line will be pivotal to that effort.
The MIX 2S also sports wireless charging and near-field communication, two technologies gaining popularity among consumers.
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