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Xiaomi, leading manufacturer of smartphones in China, on Wednesday unveiled its flagship handset, the MI 5. With the release of this device, the company hopes to increase its market share in the domestic market for handsets, as reported by Daily Mail

Keeping up with the strategy of Apple and Samsung, Xiaomi's MI 5 will offer high processing speed and lighter weight with a lower cost, reported by CNBC News

"This is basically ahead of the pack in many ways when it comes to flagship devices," Hugo Barra, Xiaomi's vice president of international operations, told The Associated Press after presenting the Mi 5 on the sidelines of the Mobile World Congress trade show in Barcelona.

"You're looking at a third to a half of the price that you would expect to pay for another flagship device with similar capabilities."

There are three version of MI 5. MI 5 Pro with higher memory and ceramic body costs $413 (2,699 Yuan) and the cheapest will cost $305 (1,999 Yuan)

The handsets are set to go on sale by March 1^st and will be available in other countries soon. So far, Xiaomi does not sell its handsets in Europe or US.

The company was founded in 2010 and since then has gained 15% market share, according to the research firm IDC. They are also one of the cheapest handsets in the world.

The MI 5 Pro has 128 GB flash memory, 4GB RAM, basic MI 5 comes equipped with 2GB RAM and 32 GB flash memory with a glass body. All the models are powered by new Snapdragon 820 processor by Qualcomm, 16MP camera and 5.15-inch screen complete with front fingerprint sensor. The handsets will be available in white, black and gold.

"Getting it at this price point (.) there is no other company capable of building such a beautiful device. It's a flagship killer," said Sascha Pallenberg, editor of technology website MobileGeeks, as reported by Yahoo News