(Yicai Global) Feb. 17 -- Xiaomi has launched its most expensive phone in the sub-brand Redmi series ahead of its goal of becoming China's biggest high-end handset maker in the next three years.

The Xiaomi Redmi K50 Gaming Edition costs at least CNY3,299 (USD521), nearly 70 percent more than Redmi K40, which was launched a year earlier, according to information provided by the Beijing-based company during the product release yesterday.

The newly launched smartphone has a specially optimized configuration of heat dissipation, charging, and refresh rate for gamers, said Lu Weibing, general manager of Redmi. Sales of Redmi K40 phones have exceeded 10 million, showing strong competitiveness. Next, Redmi will keep upgrading to provide more hardcore products for young people, Lu added.

Xiaomi’s Chairman Lei Jun said on Feb. 8 that the company intends to become China’s No. 1 seller of high-end smartphones within three years, directly competing with Apple's iPhone. This adds to the firm's other ambitions. Last year, Lei said that Xiaomi aims to transform into the world's largest phone seller in three years while spending CNY100 billion (USD15.7 billion) on research and development over the following five years.

China’s Android phone brands are competing intensely as Huawei is gradually retreating, Lin Zhi, chief analyst at WitDisplay, said to Yicai Global. Apple almost dominates China's high-end smartphone market, leaving only small room for Android handsets, he added.

But Android phone users are expected to need replacements in the next two to three years, providing a big window of opportunity for high-end smartphone makers, said Lin.

Apple accounted for 21 percent of China’s handset market share last quarter, a record high for the California-headquartered company, according to market research firm Counterpoint. Honor, an ex-Huawei sub-brand, was No. 2 with its 17 percent market share. Brands Vivo, Oppo, and Xiaomi shared the third spot as each had a 16 percent share.

Editors: Dou Shicong, Emmi Laine, Xiao Yi