2:25 pm IST: The new Xiaomi Millet Box Mini costs just ¥199 yuan (around $32/€27/₹1982). 

[Read More: Xiaomi Mi Note vs. Mi Note Pro vs. Apple iPhone 6 Plus: Price, Specifications and Everything You Need to Know]

2:00 pm IST: Besides the new Note phablets, Xiaomi now has unveiled a new portable cubicle-shaped media streaming device -- 'Millet Box Mini'. It is said to house a Quad-core 1.3GHz processor, 4 + 2-core Mali-450 GPU, 1GB DDR3 dual-channel high-speed memory with 4GB eMMC flash, Bluetooth 4.0 and 2.4GHz / 5GHz dual-band WiFi. It can support 1080p full HD resolution, support for H.265 hardware decoding, support for Dolby Digital Plus and DTS audio coding format.

Xiaomi Millet Box
Xiaomi Millet BoxXiaomi Blog

1:30pm IST: Looks like Xiaomi has one more trick up its sleeve. Mi Note will have a top-end version companion.

The company just announced the Xiaomi Note Pro with 2K (2560x1440p) display with close to 515 ppi (pixels per inch) resolution. It is said to be the first smartphone in the industry to hit stores with Qualcomm's new processor Snapdragon 810 SoC (System on Chip), which supports 4G-LTE Cat 9 network enabling download speed close to a staggering 450 mbps . It will be aptly backed by Adreno 430 graphics engine and 4GB LPDDR4 RAM. And expectedly comes with a hefty price-tag of ¥3299 (around $532/€452/₹32,900).

Xiaomi Note Pro
Xiaomi Note ProXiaomi Blog

1:16 pm IST: The company has finally announced the price of the new Xiaomi MI Note. It will come in two versions -- 16GB and 64GB models costing ¥2299 yuan (around $371/€315/₹22900) and ¥2799 yuan (around $451/€384/₹27,900) and go on sale on 27 January, 2015 online at Mi.com.

Xiaomi Note buyers will also have option buy audio system accessory-  Millet headset which has a large 50mm speaker beryllium diaphragm, semi-open acoustic structure, through the design of silver-plated wire, interchangeable ear design, low impedance of 32 ohms. It will cost ¥499 (around $80/€68/₹4975)

Xiaomi Millet Headset
Xiaomi Millet HeadsetXiaomi Blog

1:14 pm IST: Xiaomi Mi Note connectivity features include Dual 4G dual card standby. Dual card support small card, a nano SIM card, a micro SIM card and others include Bluetooth 4.1, Wi-Fi (802.11ac), GPS / Glonass / Compass and house a 3000 mAh LG battery with fast charging ability.

Xiaomi Mi Note connectivity features
Xiaomi Mi Note connectivity featuresXiaomi blog

01:02 pm IST: Xiaomi Mi Note is said to flaunt premium finish body with metal frame and double curved glass.

Xiaomi MI Note to flaunt metal body
Xiaomi MI Note to flaunt metal bodyXiaomi Blog

12:54 IST: Xiaomi just confirmed that Mi Note will get accident protection services, front and rear glass broken screen + water + accident only for ¥199 yuan (around $32/€27/₹1982) a year.

12:41 IST: Xiaomi's new phablet will boast 13.0-megapixel Sony camera with OIS (Optical Image Stabilization), 6 physical lens, f/2.0 aperture camera feature and a 4.0-megapixel front camera.

Xiaomi Mi Note Camera
Xiaomi Mi Note CameraXiaomi Blog

12:31 pm IST: Xiaomi Mi Note (2015) will sport a 5.7-inch full HD Retina screen resolution of 1920x1080 with pixel density of 386 ppi (pixels per inch)

Redmi Note (2015) will boast 5.7-inch full HD Retina screen
Redmi Note (2015) will boast 5.7-inch full HD Retina screenXiaomi Blog

12:22 pm IST: After keeping the audience in suspense for an hour, Xiaomi has finally pulled the wraps off the ultra-slim Mi Note (2015), not Redmi Note 2 as previously rumoured. The company takes the fight directly to Apple Inc, which has for long been accusing the Chinese company of copying iPhone designs.

Xiaomi Mi Note (2015) vs iPhone 6 Plus:

Xiaomi Finally announces the rumoured Redmi Note (2015)
Xiaomi Finally announces the rumoured Redmi Note (2015)Xiaomi Blog

11:30 pm IST (2:00 pm CST): Company CEO, Lei Jun takes centre stage explaining the company's journey. He also noted that (Mi) Millet series smart devices and the world with inter-connected devices can help control multiple electronic house appliances like Washing machine, Air conditioner and others. 

Xiaomi Flagship Product Launch Event Live Updates: Company CEO Lei Jun takes Center Stage
Xiaomi Flagship Product Launch Event Live Updates: Company CEO Lei Jun takes Center StageXiaomi Blog

The moment we have been waiting for has finally begun at National Conference Center, Beijing, where Xiaomi is slated to unveil the much anticipated flagship smartphone Mi5.

The event coverage will be streamed live on the company's official webpage (HERE), Xiaomi blog (HERE), Facebook page (HERE) and company's Singapore page (HERE)

There are rumours that company might unveil Redmi Note 2 as well. A tech blog, Leaksfly reporter attending the event has just tweeted a poster of Redmi Note phone hinting that the company might indeed unveil the flagship phablet as well. But there is no official word from the company yet. We will soon surely know what Xiaomi has in store for us.

, Leaksfly reporter attending the event has just tweeted a poster of Redmi Note phoneLeaksfly via Twitter