The Chinese Xiaomi says it plans to launch more than 10 to 5G, phones are for next year

Xiaomi founder and CEO Lei jun attends a launching ceremony of its new flagship phone, Xiaomi Mi 9, in Beijing, China, on February 20, 2019. REUTERS/Jason Lee

WUZHEN, China (Reuters) – Chinese smartphone maker Xiaomi Corp plans to launch more than 10 and 5 G phones will be in 2020, the chief executive Lei jun said on Sunday, speaking at the World Internet conference in the eastern Chinese city of Wuzhen.

Lei’s comments come as the company faces fierce competition in the market is that of arch-rival Huawei Technologies. Last month, Xiaomi launched the Xiaomi Mi 9 Pro, which is the company’s first 5G-capable phones for the domestic market.

According to the Lei, asked to see the phone has exceeded the expectations of the company, and that has led to the supply chain as a whole. The unit is open and has asked Xiaomi to launch 5G models for the high -, mid -, and low-end tiers for next year.

“The people in the industry are concerned that next year, the 4G models are selling for, this is a step that you don’t need to make the right choice, but that,” Lei said. “We hope that the operators can speed up the expansion of 5G base stations.”

Xiaomi’s share price has fallen steadily in recent years, as China’s smartphone market is growing more competitive. In September, the company announced the plan for a $1.5 billion share buy-back program.

In the second quarter of 2019 at the latest, Xiaomi occupies 11.8% of the chinese smartphone market, a decline of 13.9% a year before, according to research firm Canalys.

All of the other Chinese brands, suffered declining sales volumes, as consumers are flocking to the Smartphone, driven in part by the society. The Shenzhen-based handset maker, became the focal point of U.S.-China tensions, in May or June, when the Washington-effective for US companies to stop the supply of spare parts.

However, Xiaomi has enjoyed success in Europe, where it is still a relatively new player in the world. The company’s market share in the region during the second quarter of 2019 and to hit 9.6%, up from 6.5% the previous year, making it one of the world’s fastest-growing phone brands in the region.

Reporting by Josh Horwitz and Yingzhi Yang Wuzhen; writing by Tom Daly in Beijing; Editing by Raju Gopalakrishnan

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