Chinese smartphone maker Xiaomi has just announced the specs for its "Pinecone" chip, becoming the world's fourth company that makes both phones and chips after Samsung, Apple and another Chinese firm Huawei.

The chip has been named as "Pengpai S1," which is a 64-bit 8-core system-on-a-chip (SoC), with support of latest telecom tech like VoLTE, OTA-upgradable baseband and TEE safety structure.

Pinecone Inc., the developer for Xiaomi's chip, was founded in late 2014, and has been building the SoC since.

The chip is also designed with graphics performance in mind, containing a Mali-T860 quad-core visual processor to help mobile game fans getting the fluency they want.

During the event in Beijing, Xiaomi's CEO Lei Jun also revealed his company's latest smartphone model, the Xiaomi 5c.

The model will be powered by Pengpai S1 SoC, with a 5.15-inch screen and various color options.

Pengpai S1 gives Xiaomi 5c some unique features that Xiaomi hasn't been seen in its products before.

The operating system (OS) of the phone will be Android 7.1, the latest version of the OS that has not been widely adapted. This has been achieved thanks to Pengpai S1 which grants Xiaomi the ability of hardware-software integration.

Xiaomi 5c will be sold at 1,499 RMB (about 218 US dollars).