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Xiaomi launches first smartwatch as handset demand shrinks

Tech group touts features rivaling Apple Watch at less than half the price

Xiaomi's Chairman and CEO Lei Jun introduces the company's new smartwatch Tuesday in Beijing. (Photo by Shunsuke Tabeta)

BEIJING -- Xiaomi, the Chinese smartphone heavyweight, will release its first smartwatch next week, the company said Tuesday, as it diversifies beyond the shrinking domestic mobile market.

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