One of China's fastest growing IT companies, Xiaomi, held its annual product launch on Tuesday in Beijing and unveiled its new smart phone Mi Four, and a smart bracelet.

The company's founder and CEO Lei Jun expects the company to sell 60 million smart phones, including the Mi 4 and older models this year.

The Beijing based company also announced an August 16th launch date for its new MIU16 mobile operating system. The new Mi4 supports the 4G network, and is equipped with upgraded screen and camera functions. It also sports a new steel frame.

The company's founder and CEO Lei Jun expects the company to sell 60 million smart phones, including the Mi 4 and older models this year. The company says that could result in revenues of about 80 billion yuan.

Lei also says that Xiaomi has invested 1.9 billion yuan to upgrade its production facilities. However, sales of the Mi 3, which has been out for a year, have been disappointing compared with annual sales of the Mi 2. The company's smart TV products also failed to beat their major competitors.

Analysts say that the Mi 4 will be a make or break product for Xiaomi. On the flip side, the company is aggressively expanding overseas, introducing its online sales model to foreign markets. Hugo Barra, Xiaomi's Vice President for overseas businesses speaks with CCTV.

Go to Forum >>0 Comment(s)