Xiaomi (HKG:1810) unveiled its second-generation Xring smartphone processor, as the Chinese handset maker seeks greater control over key components and less reliance on external chip suppliers, Reuters reported on Monday.

Taiwan Semiconductor Manufacturing (TSMC) will manufacture the chip using its 3-nanometre process, the report said, citing people familiar with the matter. The chip is expected to power Xiaomi's upcoming flagship foldable phone, with shipments targeted at 200,000 to 300,000 units, one source told the news outlet.

Xiaomi's push into foldable phones puts it in competition with Huawei, which held a 68% share of China's foldable-phone market in the second quarter, Reuters reported citing Smart Analytics Global's data.

Xiaomi and TSMC did not immediately respond to MT Newswires' requests for comment.

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