SHENZHEN, May 31 (Xinhua) -- Chinese tech giant Xiaomi Thursday rolled out its new flagship Mi8 smartphone, which is the world's first dual-frequency GPS smartphone with outstanding positioning capabilities.

The Mi8 has a 6.21-inch screen wrapping around a big notch that houses a camera.

A higher-end version, the Explorer Edition, has an in-display fingerprint sensor that uses pressure sensitivity, a transparent back panel and is equipped with 3D face recognition technology, which enables unlocking of the phone by scanning the user's face.

The Mi8 is priced from 2,699 yuan (421 U.S. dollars) in China, with the Explorer Edition starting from 3,699 yuan.

The company also rolled out a 75-inch Mi TV 4, its largest ever smart TV, as well as a standalone VR headset and a fitness-tracking wearable band.

Xiaomi saw its sales surge 87.8 percent in the first quarter of the year, ranking fourth among global smartphone brands, according to Lei Jun, founder and CEO of Xiaomi.

Sales in China in Q1 grew 41.8 percent year on year, while overseas sales also reported steady expansion, especially in European countries. Xiaomi officially entered the French and Italian markets last week.

Xiaomi's valuation is estimated to be about 100 billion U.S. dollars, making it one of the largest technology firms in China. The company earlier this month officially submitted its IPO application to Hong Kong Exchange with a dual-class shareholding structure.