Lei Jun, founder and CEO of China's mobile company Xiaomi, shows new features at launch ceremony of Xiaomi Phone 4 in Beijing
Lei Jun, founder and CEO of China's mobile company Xiaomi, shows the new features at a launch ceremony of Xiaomi Phone 4, in Beijing, July 22, 2014. China's Xiaomi unveiled on Tuesday its new flagship Mi 4 smartphone, aimed squarely at the premium handset market dominated by Apple Inc and Samsung Electronics Co Ltd. REUTERS

Xiaomi's success with its Mi3 feature brought the market's attention to its other offerings. In hopes of replicating the same success, the company has just released its Xiaomi Mi4 handset. According to initial feedback, the handset comes with features that can compete with top-tier phones. In fact, the device has been compared to the likes of Apple iPhone 5s, Samsung Galaxy S5, Nexus 5 and another recent wildcard entry, the OnePlus One. Can the Xiaomi Mi4 really deliver?

Xiaomi concentrated on the design of its latest handset. The company has such a success with its previous device that long before its official release, the market has been buzzing about the expected features. According to Forbes, rumors about the Xiaomi Mi4 intensified 2 weeks prior to its launch. Speculations include the handset sporting a 2.5GHz quad-core Snapdragon 801 processor, 13MP camera, 3GB RAM and an 8MP front camera. The handset did arrive with the features. According to Business Insider, Xiaomi can be considered as the buzziest handset at the moment. That is, at least until Apple launches its iPhone 6 officially.

The Xiaomi Mi4 comes with the company's modified Android OS, MIUI5. Nonetheless, Xiaomi did promise that another OS, Xiaomi MIUI6, will be on its way this August. When it comes to pricing, it appears the company also wants to set up its tradition. The device is available starting at 1999 yuan. This is the same price that the Mi Phone released four years ago had.

According to Business Insider, despite Xiaomi's exclusivity to China, the company has been performing extremely well that some has started comparing it to Apple and Samsung. The company outsold Apple in China. In the previous quarter, the company reportedly sold around 15 million smartphones. Xiaomi wants to sell around 100 million handsets in 2015.

According to Forbes, it is apparent that Xiaomi no longer just wants to be a low-cost handset provider. Instead, the company wants to create a design-oriented tech brand. More importantly, with the company's attention to detail to something as trivial, Forbes believes that consumers will also be convinced of the company's dedication providing quality phones - it does appear that Xiaomi do not cut corners.

Steve Wozniak said previously that if Xiaomi can sustain its performance then it can be a truly formidable player in the US market.