According to reports, the Chinese electronics company Xiaomi will unveil the Xiaomi Mi 5 on February 24, 2016.

Here are the features and specifications of the upcoming Mi 5. The Xiaomi Mi 5 will be available in two design variants, one will have a 2.5D curved glass and the other will have a metal design, BGR reported.

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Several reports suggest that the upcoming device will come in a 64GB option that has 4GB of RAM and a 32GB option that features 3GB of RAM. Furthermore, the Xiaomi Mi 5 will sport a 5.2-inch QHD display and a fingerprint scanner.

The fingerprint scanner is integrated with the home button. Rumor has it that the handset will feature a 13-megapixel front-facing camera and a 16-megapixel rear-facing camera. In addition, the Xiaomi Mi 5 is expected to be powered by Snapdragon 820 chipset.

It is believed that the device will have a 3,600mAh battery. Connectivity options include NFC, 4G LTE support and dual-SIM card slots. The upcoming smartphone will run on Android Lollipop-based MIUI 7.

According to a Digital Trends report, the smartphone will be available in colors such as pink, gold, white and black.

The Chinese company has said that it will unveil the Mi 5 smartphone after the Spring Festival. Liwan Jiang, Xiaomi Co-Founder, has disclosed that the smartphone will go on sale one week after the release. However, Jiang did not state whether the phone will go on sale only in China after one week of the release.

Xiaomi was the world's fifth-biggest smartphone maker in the world in 2015. At present, the company sells its smartphones in South America and Asia. China is Xiaomi's most important market.

According to some reports, Xiaomi is considering releasing its devices in mature markets such as the U.S. and western Europe. However, according to analysts, the Chinese company will experience tough market conditions with patent litigation from larger players.

Meanwhile, Xiaomi Mi 4 Windows 10 Mobile variants has begun getting a new firmware update. The latest update includes enhancements, improvements and bug fixes.

The update fixes several issues such as the issues related to freezing screen, Outlook e-mail syncing and alarm clock.