Xiaomi Corp unveiled a flagship smartphone series on Tuesday featuring advanced fingerprint identification technology, marking the first rival product by Chinese firms to compete with Apple Inc after the launch of its latest iPhone.

The Mi 5s, starting at 1,999 yuan ($299), is also the firm's latest effort to boost sales amid slowing demand and rising competition from local rivals such as Huawei Technologies Co Ltd.

The gadget supports ultrasonic fingerprint identification, which delivers greater accuracy than current models by using 10,000 micro sensors, the company said.