Xiaomi aims to upgrade its smartphone offerings

Xiaomi Corp is intensifying its efforts in the premium segment, as it works hard to introduce high-end components and engineering techniques to its latest smartphone models in order to rival players such as Huawei Technologies Co Ltd.

Lei Jun, founder and CEO of Xiaomi, said the Mi 9, the model unveiled on Wednesday, starts from 2,999 yuan ($447), a shift from its previous flagship smartphones which were priced around 1,999 yuan.

"Delivering cost-effective products has been an important ingredient of Xiaomi's success, but it could be somewhat a hurdle to the company's future development," Lei said at the launch event in Beijing.