Xiaomi launches Mi Note 2; here's everything you need to know
Xiaomi launches Mi Note 2; here's everything you need to knowHugo Barra via Twitter

13:50 IST: That concludes the Xiaomi product event.

13:45 IST: Xiaomi's generic Mi Mix model(4GB + 128GB) costs ¥3499 (around $517/€475/Rs. 34,549) and Mi MIX Pro with 18 karat gold rim (6GB + 256GB) will cost ¥3999(approx. $590/€543/Rs.39495)

Read more: Xiaomi launches Mi Note 2, concept phone Mi Mix with edgeless display;  Complete features, price, release details, here's everything you need to know

13:22 IST: There is also a special edition with 18 karat gold rim having 6GB RAM and 256GB internal storage, as well.

13:20 IST: Xiaomi Concept Mi Phone boasts ceramic body including the volume rockers and power buttons, ultrasonic proximity sensor, Cantilever piezoelectric ceramic acoustic technology, Snapdragon 821 quad-core processor backed by 4GB RAM, 128GB storage, 4,400mAh battery with quick charge 3.0 technology, HD audio quality (192kHz / 24-bit resolution) and 16MP primary camera with PDAF (Phase Detection Auto Focus).

13:00 IST: Xiaomi launches concept Mi Phone dubbed as dubbed as Xiaomi Mix. It is developed in collaboration with globally acclaimed designer Philippe Starck. Xiaomi Mix boasts advanced black display technology, which offers bezel-less impressive display experience.  It has 6.4-inch screen with 91.3% screen-to-body ratio, no other handset in the market boast this feature.

Xiaomi product launch event live update
Xiaomi product launch event live update: Xiaomi MI VR launchedXiaomi via Twitter

12:30 IST: Xiaomi now announces new product Xiaomi Mi VR headset with 9-axis inertial motion controller. It is powered by MIUI VR OS with display having 16x more sensitive and 16ms ultra-low latency. It costs ¥119 Yuans (around $17.5/€16/Rs. 1,172).

12: 25 IST: Xiaomi Mi Note 2 comes in three variant, two in China-- 4GB RAM+64GB storage, 6GB RAM + 128GB storage for ¥2799 (approx. $415/€379/Rs. 27,720) and ¥3299 (approx. $487/€448/Rs. 32,558), respectively. And a global model with 6GB RAM + 128GB storage for ¥3499 (approx. $516/€475/Rs. 34,537).

Xiaomi Mi Note 2 launch live
Xiaomi Mi Note 2 colour optionsXiaomi via Twitter

12: 22 IST:Xiaomi Mi Note 2 supports 6 types of 4G-LTE networks and all 37 bands across the world , hinting Mi Note might launch outside China, most probably in US, India and other markets.

12:20 IST: On the front, Xiaomi Mi Note 2 houses the 8MP camera with autofocus and will be assisted by Beautify 3.0 app to enhance the photography experience.

12:15 IST:The camera details are out. The Mi Note 2 comes with 22.56MP camera with dual-tone LED flash on the back. It boasts 4K video recording ability with EIS (Electronics Image Stabilisation) support.

12:10 IST:To support the power guzzling high-resolution dispplay, Xiaomi has equiped a massive 4,070mAh battery with Quick Charge 3.0 technology in the Mi Note 2.

12:07 IST: As expected, Xiaomi Mi Note 2 will come with 2.35GHz Qualcomm Snapdragon 821 quad-core processor, which is said to 10% more efficient compared to Snapdragon 820 in terms of performance. It is backed by 6GB RAM and 128GB storage.

Xiaomi Mi Note 2 live update
Xiaomi Mi Note 2 key featuresXiaomi via Twitter

12:00 IST: Xiaomi Mi Note 2 comes with single camera module on the back, not dual parallel snappers, as previously reported.

11:55 IST: Xiaomi's new appointed brand ambassador, Tony Leung Chiu-wai comes on stage to explain Mi Note 2 camera.

11:50 IST: Xiaomi Mi Note 2 flaunts 5.7-inch flexible OLED display with 77.2% scree-to-body ratio, 110% NTSC colour gamut and also boasts of Sunlight Display Pro and Read mode.

11:47 IST: Xiaomi Mi Note 2 comes in Piano Black and Glacier Silver colour options.

11:46 IST: The Mi Note 2's cover on the back is made with a blend of metal and glass on top giving true premium touch. It comes with two-sided dual curves with 3D glass front and back.

Xiaomi Mi Note 2 live update
Xiaomi Mi Note 2 comes with 3D glass shield on front and back sideXiaomi via Twitter

11:42 IST:As rumoured before, the new Mi Note 2 comes with dual-edge display. With dual-curved edge screen in place, Xiaomi Mi Note 2 will allow users to allot short-cuts to notifications and other frequently-used apps They will also be able to view time and weather updates without having to press power button to unlock the screen.

Xiaomi product launch live update: Mi Note 2 set to make its debut
Xiaomi product launch live update: Mi Note 2 set to make its debutXiaomi product launch event live screen-shot

11:41 IST: Jun confirms the launch of Xiaomi Mi Note 2.

Update: 11:38 IST: The wait is finally over, Xiaomi event commences with CEO Lei Jun taking the center stage.

In a few hours, Xiaomi will pull the wraps off the much-awaited flagship phablet, the Mi Note 2, at the auditorium of Peking University in Beijing.

The product launch is slated to start at 2 pm local time (11:30 am IST). Like previous times, the company will be streaming the event online, so that fans can watch the programme live.

Read more: Mi Note 2 final round-up: All you need to know about Xiaomi's upcoming flagship phablet

Xiaomi Mi Note 2 live update
Xiaomi Mi Note 2 live updateHugo Barra via Twitter

Xiaomi Mi Note 2: What we know so far
The company's recent teaser confirmed that the upcoming Xiaomi Mi Note 2 will boast dual-edge screen, like Samsung Galaxy S7 edge.

It is also said to be coming with dual parallel cameras on the back. Recently-leaked images have shown that cameras are embedded inside and that there will be no awkward bump like we see in Apple iPhone 7 Plus.

Read more: How to watch Xiaomi Mi Note launch live online

Xiaomi Mi Note 2 is expected to have top-notch security features. It is said to boast Qualcomm's new generation ultra-sonic 3D fingerprint sensor and also a state-of-the-art bio-metric technology-based Iris scanner.