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Xiaomi Corp launches the Hongmi smartphone
Posted: 01-Aug-2013 [Source: China Daily]

[The low priced ($130) Hongmi Android-based smartphone features a quad-core 1.5 GHz processor, a 4.7 inch screen, and is targeted at the price sensitive China market. The device was announced at a Beijing news briefing on Wednesday.]

Shen Jingting -- "Lei Jun, founder and chief executive officer of Xiaomi, said the launch of the Hongmi signifies Xiaomi's first attempt to explore the nation's affordable (below 1,000 yuan) smartphone market."

"According to data from Alibaba Group Holding Ltd, China's biggest e-commerce company by sales, 61 percent of the mobile phones sold on the Taobao marketplace and the business-to-customer platform Tmall.com were priced below 1,000 yuan. About one-fifth of the mobile phones sold cost 1,000 yuan to 2,000 yuan, while only 18 percent cost more than 2,000 yuan."

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