There's still speculation over the specifications of the Mi 5, but that will end in about a month's time when Xiaomi officially reveals its latest smartphone.

It's been about a year and a half since Xiaomi launched its last flagship phone, the Mi 4. Well, the wait for something with some weight to it is almost over.

Liwan Jiang, Xiaomi's senior vice president, announced Thursday that the company will reveal the Mi 5 on Feb. 24 at an event that's expected to last 2 or more hours. The event is slated to run from 2 p.m., local time, to 4 p.m. or later. All of that time for one phone suggests that the event isn't actually about one device. Xiaomi may have more than the Mi 5 to share at its Spring Conference.

One more month of waiting is negligible, considering how many months have rolled by without a reveal. However, Xiaomi will tease a few details about the upcoming smartphone on Jan. 26 and will announce news about logistics for the Feb. 24 Spring Conference.

"Feb. 24, 2015 millet new spring conference, that is, we look forward to the # 5 # millet, particularly ticket sales and the rules the next Tuesday," stated a Web translation of a post from Jiang on China's Weibo.

Going by rumors and leaks, the Mi 5 will have a metal body and a fingerprint scanner embedded in its home button.

It will have a 5.2-inch QHD display with a resolution expected to be 1,440 x 2,560 or 1,080 x 1,920, going by the rumors. The flagship phone will come with 4 GB of RAM 64 GB of storage space in at least one configuration, while a variant might include 3 GB of RAM and 32 GB of long-term storage space.

The Mi 5 is expected to wear a 16 MP camera on its rear and a 13 MP selfie cam on its face. As for battery, the one the Mi 5 will use is expected to have a 3,030 mAh capacity.

Xiaomi hasn't indicated what has taken the Mi 5 so long to arrive, but there has been speculation suggesting the company had been waiting for Qualcomm's Snapdragon 820. A regular collaborator and a Xiaomi investor, chipmaker Qualcomm will be on hand next month for the Spring Conference.

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