Xiaomi pins hopes on foldable phones to boost sales

Xiaomi Corp confirmed on Wednesday that it is working on a foldable phone, making it the latest Chinese smartphone vendor to pin its hopes on foldable screens to revive a market mired in an innovation lull and a sales slump.

Lin Bin, president and co-founder of Xiaomi, posted a video on Chinese social networking platform Sina Weibo, showing him playing with a tablet-sized gadget which can be folded and used like a smartphone.

In the video, when the gadget was folded, the user interface also adjusted itself to match the middle part of the screen. "Xiaomi's dual-folding phone is coming," Lin said.