Following weeks of speculation and leaks, Xiaomi’s global VP, Hugo Barra has confirmed on Twitter that the Mi 5 will launch on February 24. Having already revealed that the Mi 5 will be powered by a Snapdragon 820 processor, it’s clear this device is going to be the company’s flagship smartphone of 2016.

Apart from the processor, we know little about the Mi 5 with certainty. One website’s placeholder suggested the device will ship with specs that should compete head-to-head with the Galaxy S7, although it will undoubtedly be cheaper than Samsung’s next flagship smartphone. The Mi 5 listing claimed the smartphone will have a 5.2-inch Quad HD display coated in 2.5D Corning Gorilla Glass 4. It also suggested the phone will have a 6-element 16MP camera on the back with f/2.2 aperture and 4K video recording.

Xiaomi is well known for releasing powerful smartphones at competitive prices. The big question for 2016 is whether or not it will launch its upcoming devices in the US and other established western markets. Its biggest competitor, Huawei, made huge strides internationally last year, and will surely extend its lead over Xiaomi if the Mi-makers don’t respond aggressively.

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