Lenovo will launch a new smartphone business in 2015 that will compete against Xiaomi. Both companies are based in China, but Xiaomi has become the dominate player in that smartphone market, though Lenovo wants to join the market as well. Lenovo says it will launch a web-based smartphone company.

Come April, Lenovo says there will be a new business with its own CEO that will make smartphones and operate exclusively online. The company already has a small handset business, but it is far from competing against Xiaomi. Even Samsung has been beaten by Xiaomi, so Lenovo will really have to step up its game.

The company says it will be "attack[ing] the fast growing consumer mobile device market in China." It will also be involved in software and app development, rather than just devices.