Xiaomi Mi 5 pricing
Xiaomi’s is expected to showcase its flagship Mi 5 during an event in Beijing, China on 15 January Reuters

Chinese smartphone brand Xiaomi, known for its budget smartphone offerings such as the Redmi 1S, the Mi 4 and the Redmi Note range of smartphones, now looks set to introduce a new flagship device which could be the successor to its popular offerings.

The next-gen Mi 4, tentatively termed Mi 5 could be officially showcased by Xiaomi in an exclusive event to be held on 15 January, in Beijing China.

According to Gizmo China, that quotes an official invite reportedly sent by Xiaomi, a new high-end smartphone will be unveiled on 15 January.

The Gizomo China report also quotes a Weibo statement issued by Xiaomi founder Lei Jun stating that "newer products" will be launched in the start of 2015.

The official Xiaomi webpage also mentions about an event to be held on 15 January.

This event will be held at the National Conference Centre in Beijing, China according to a MIUI blog post.

As many as 15,000 tickets are up for grabs for the Xiaomi event. Fans attending the event would also receive a free gift pack.

Tickets for the event will be sold from 8 January via Xiaomi's Mall application.

Will Mi 5 be launched during the 15 January event?

Apart from the launch of the Mi 5, another relatively lesser known smartphone called the Mi 4S could be showcased at the event. Other devices such as the Mi Pad 2 could also be showcased officially.