China's Xiaomi announces latest flagship Mi 4 smartphone

BEIJING, July 22 Tue Jul 22, 2014 2:50am EDT

BEIJING, July 22 (Reuters) - 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.

The Mi 4 will feature a Qualcomm Inc Snapdragon 801 2.5Ghz processor and 5-inch 1080p screen, said Lei Jun, Xiaomi's chief executive, at a launch event in Beijing.

Founded in 2010 by Lei, Xiaomi seeks to cut costs by eschewing brick-and-mortar stores in favor of web-based distribution and word-of-mouth marketing. (Reporting by Paul Carsten; Editing by Christopher Cushing)