As tech enthusiasts are waiting for release of the Xiaomi Mi 5 flagship smartphone, Lei Jun, the CEO of Xiaomi, confirmed during the launch event of the Redmi Note 3 handset Tuesday that the smartphone is worth the wait and it will surely impress the world.

Even though Jun spoke about the much awaited Xiaomi Mi 5 smartphone, he did not reveal any information on the specifications and features of the handset. However, he did indicate that the company is working hard to announce the handset soon, G for Games reported.

According to Phone Arena, rumors had started flying at the end of 2014 that the Xiaomi Mi5 would be unveiled at the CES 2015 event. However, it did not come true. Early rumors of the handset had suggested that it would be arriving with Snapdragon 810. However, since the Qualcomm chipset was plagued with overheating issues, the arrival of the Mi 5 was delayed.

Since the past few months, rumors have been suggesting that the Xiaomi Mi 5 will be the first ever smartphone to arrive with Snapdragon 820 chipset. However, reports are indicating that the shipping of the Snapdragon 820 chipset will begin in the starting months of 2016. Hence, new rumors are indicating that the handset will be unveiled early next year.

Other rumors are hinting that the Chinese manufacturer will be holding a special launch event for the Xiaomi Mi 5 on Dec. 3. As far as specs of the handset are concerned, it is expected to arrive with 5.3-inch Quad HD display, 4 GB of RAM, 16-megapixel rear camera with OIS and dual-LED flash, 8-megapixel selfie camera and a huge battery of 3,030 mAh.

It is expected to be available for around $315 for the base model of 16 GB. It is also rumored to be available in an internal storage variant of 64 GB. The handset will not be featuring a microSD slot.