Three Models Of China's Xiaomi Mi Phones Are Pictured During Their Launch
Three models of China's Xiaomi Mi phones are pictured during their launch in New Delhi July 15, 2014. China's Xiaomi said it intends to invest heavily in India as the budget smartphone maker launched on Tuesday its flagship Mi phone and other products in the world's third largest smartphone market, currently dominated by Samsung Electronics Co Ltd. Reuters

Xiaomi the so called "China Apple" has already launched its flagship product, earlier than Apple Inc's flagship product, at the company's "The Journey of a Piece of Steel" event yesterday.

While iPhone 6's launch date is yet to be confirmed, Xiao Mi 4 was already launched this week together with the Mi Band, Xiaomi's first wearable device. The Mi 4 was named as "The Fastest and Most Gorgeous Mi Phone Ever". Mi 4 will also be released this July.

Lei Jun, the founder of Xiaomi, stated on the event that the company sold 57.36 million phones in its first three years of operation, TechinAsia Liveblog reports.

Xiaomi Company sold 7.9 million Xiaomi Mi phones - 17.4 million Xiaomi M2 phones, 10.5 million Xiaomi Mi 3 phones, 18 million Hongmi or the so called Redmi outside China and 3.56 million Hongmi Note or Redmi Note.

The company claims that Xiaomi Mi 3 was sold out 40 minutes just after its release in India, NDTV reports. The company is expecting to have greater revenue for the newly launched Xiaomi Mi 4.

According to XiaomiChina, Mi 4 will feature a stainless steel frame that has an unbelievable craftsmanship and polish. Its hardware has a 2.5gz Quad-core Snapdragon 801 chipset processor, 3 GB RAM and can choose from 16 or 64 GB internal storage. It has a 5 inch screen size with a 1080x1920p full HD resolution and a very high colour gamut.

The company also posted that Mi 4's stainless steel metal frame features have undergone 40 processes and 193 steps.

For its camera specifications: 13 megapixels is installed on the rear camera with real-time HDR and 4K video recording. While the 8 megapixels front camera has an 80-degree wide angle. The smartphone has a durable 3080 mAh internal battery with a quick charging ability.

"The Xiaomi Mi 4 has Android 4.4 under MIUI V6 - so that's the first time a Xiaomi phone launches with the very latest version of Android in China." says on TechinAsia Liveblog. "The new Mi 4 has a very slim bezel at each side, but the company assures people that the screen will ignore accidental inputs on the side."

The 16 GB Mi 4 is available for US$322 or AU$342.91 while the 64 GB Mi 4 will be available at US$400 or AU$425.97. Conversion is based on current exchange rate.