Xiaomi unveils world's cheapest 5G smartphone

Popular Chinese actor Wang Yibo as the celebrity endorser of the Redmi K30 series.

Xiaomi Corp is adopting an aggressive pricing strategy to accelerate the popularity of 5G smartphones, as the Chinese company unveiled a below-2,000 yuan 5G handset on Tuesday.

Starting from 1,999 yuan (S$390), Redmi K30 currently stands as the cheapest 5G-enabled smartphone in the world.

Also, it is the first smartphone ever to feature the US tech giant Qualcomm's new Snapdragon 765G gaming-centric 5G chipset.

The new System on Chip brings support for dual-mode 5G connectivity on the Redmi K30 Pro 5G.

The pricing beat market expectations, for many experts, had estimated that below-2,000 yuan smartphones would not be available until next year.

It also highlights the cutthroat competition in China's 5G market.