Xiaomi Technology is ready to roll out its new smartphone, the Xiaomi Mi 5, shortly after the Lunar New Year holidays, according to a China-based tech.qq.com report.

The Mi 5, which will be powered by a Qualcomm Snapdragon 820 CPU, is currently in mass production, the report said, citing a message released by company co-founder and senior vice president Li Wanqiang on China-based Weibo.

The Mi 5 appears to be coming out not as early as previously expected as Xiaomi faces increasing competition from domestic rivals including Huawei, QiKU and LeTV, indicated the report.

The release of the Mi 5 may help Xiaomi resume the growth momentum of its smartphone business, said the report.