Xiaomi unveils world's cheapest 5G smartphone

Popular Chinese actor Wang Yibo as the celebrity endorser of the Redmi K30 series.
Weibo/红西柚味的糖果

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.