Xiaomi invests big in R&D

Chinese tech company Xiaomi Corp said it is expected to invest more than 100 billion yuan ($14.92 billion) into research and development over the next five years as part of its broader push to sharpen its R&D capabilities and explore new technologies.

Xiaomi also introduced a new series of high-end smartphones, 12S, using Sony imaging sensors and lenses from Leica, a well-known German camera maker.

Lei Jun, chairman and CEO of Xiaomi, said in a post on Weibo the company's compound annual growth rate of R&D investment has exceeded 40 percent in the past five years.

The premium 12S series models are priced from 3,999 to 6,999 yuan. Xiaomi inked a mobile imaging strategic partnership with Leica in May.