Chinese tech giant Xiaomi Inc. has been working on a new drone technology, which is rumored to be set for launch possibly alongside the much awaited Mi 5 smartphone.

The Xiaomi Mi 5 handset is expected to be unveiled on Feb. 24 at the upcoming Mobile World Congress (MWC) 2016 in Barcelona, Spain.

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The technology, dubbed as the "Mi Drone", was initially scheduled to be launched sometime back in 2015, according to a report by Android Headlines. However, the company chose not to release it, due to the drone's similarity to DJI's Phantom drone in terms of the design.

DJI is a leading quad-copter and drone maker company based in Shenzhen, China, with offices around the world, including the United States, Japan, Germany and the Netherlands.

Back in December 2015, a patent document was leaked revealing how Xiaomi's Mi Drone technology will work in combination with the Mi Band fitness tracker.

According to the document, the Mi Drone has the ability to follow users by their Mi Band trackers. The technology is rumored to come with an on-board camera, and will be available with a price tag of 699 Yuan (about $106). Rumors have it that the Chinese company is planning to launch around 10,000 Mi Drone units only.

In the meantime, market research firms have revealed that despite missing its target sales in 2015, Xiaomi remained China's top smartphone manufacturer, ahead of Huawei Technologies Co. Ltd. and Apple Inc. Last year, the Chinese giant sold over 70 million handsets, while Huawei managed to surpass its 100 million mark.

Xiaomi currently develops a wide range of products such as smart TVs, smart band fitness trackers, air-purifiers, among others.

TagsXiaomi Mi Drone February 2016, Xiaomi Mi Drone Patent, Xiaomi Inc.