The Xiaomi Mi 5 has been pre-ordered by more than 16 million people according to an announcement on the company's official forum. The smartphone is set to launch in China on March 1, and with more than 16 million pre-orders it's turning out to be quite the popular choice.

Priced from just $300, the regular model has 32GB or 64GB of internal storage, a Qualcomm Snapdragon 820 processor with Adreno 530 GPU, 3GB of RAM and a 5.15-inch 1080p display. It's a remarkable device for the price tag.

There's no word on whether or not we'll see the Mi 5 hit other markets post-launch.

Source: MIUI