Lei Jun, Chairman and CEO of Xiaomi Technology and Chairman of Kingsoft Corp, delivers a speech on the stage at a launch event of Xiaomi in Beijing, China, July 22, 2014. [Photo/IC]

Xiaomi has sold more than 57 million smartphones since being established in 2011, the company said. The figure makes Xiaomi a top local vendor although its total shipments still lag far behind South Korea-based Samsung Electronics Co Ltd.

Nicole Peng, research director of market data firm Canalys China, said the Xiaomi 4 is priced to help the company attract Chinese users of fourth-generation services.

"China isn't lacking cheap 4G phones, but [it's short of] some good quality, mid- to high-range devices like the Xiaomi 4," said Peng.

Xiaomi's new device supports China Mobile Ltd's 4G network and will be installed with other carriers' 4G standard several months from now. The price is 1,999 yuan for the entry-level model.

Peng said a large number of buyers will still be attracted to the lower-end devices the company launched previously.

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