Xiaomi will steal customers from Samsung Electronics and LG Electronics as it launches its powerful but low-priced POCOPHONE F1 smartphone in Korea, the Chinese smartphone maker said on Monday.

The POCOPHONE F1, a product of Xiaomi's sub-brand POCO Global, made headlines in August as the device logged about 100,000 sales worth US$28 million within five minutes since it was launched in India.

Running on Qualcomm's Snapdragon 845 chip set, which is also used in Samsung and LG’s premium smartphones, the device will be sold at $429,000 won (US$375) in Korea.

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The POCOPHONE F1 uses 6.18-inch Full HD Plus display and comes with 6GB of RAM, a storage capacity of 64 GB and a big 4,000 mAh battery. The device also features 12-megapixel and 5-megapixel cameras on the back and a 20-megapixel selfie camera on the front.

G-mobi Korea, Xiaomi's local distribution partner, said the smartphone will be available in Korea beginning November 19. It will also receive pre-orders through local telecom firms – SK Telecom, KT and LG Uplus – starting November 12.

Jai Mani, lead product manager at POCO Global, said the POCOPHONE F1 will be a competitive device among other phone maker’s premium smartphones as the device offers fast processing with a long battery life.

“Recently, mid-range smartphones have a long battery while flagship smartphones have around a 3,000 mAh battery. We think battery life is the most important thing,” Mani said during a press conference at the Grand InterContinental Seoul Parnas hotel. “It can get up to eight hours of gaming and 30 hours of talk time. You don’t need to check power outage.”

Jung Seung-hee, CEO of G-mobi Korea, said the POCOPHONE F1 will be the most cost-effective smartphone in the market. “We are in an era where consumers decide the price of products. There are many smartphones in the market but I believe Xiaomi's has provided the most cost-effective smartphone to consumers,” said Jung.

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Xiaomi explained the POCOPHONE F1 beats every smartphone using Snapdragon 845 chip in terms of price on the market. The device is the second smartphone that Xiaomi officially introduced in Korea, following Redmi Note 5 smartphone in July.

Mani said there would be no security concerns. “Chinese companies have a higher bar for security and Xiaomi is also working with a third party audience security consulting firm to make sure privacy issue is done well,” he said.

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This article was originally written by Baek Byung-yeul for  The Korea Times .