Chinese Smartphone Maker Xiaomi will release its first tablet "soon" said sources with knowledge of matter to Reuters.

A tablet would expand the fast-growing company's product lineup as it attempts to challenge companies like Samsung and Apple.

Xiaomi announced this week that it will hold a launch event in Beijing on May 15, but didn't give details or further comments on what to expect exactly.

Sources wouldn't confirm to Reuters that the tablet would be unveiled at the event either, but all signs indicate that's what the company is planning for next week.

The four-year company reached the No. 5 spot in the home market in the final quarter of last year.

The company is also creating new opportunities for parts suppliers in Japan, including businesses like Sharp Corp and Japan Display Inc., as they increase their offerings of high specification features to compete with global brands, according to Reuters.

Xiaomi had a hit last year with the Mi 3, its flagship smartphone that reached 100,000 units sold in 90 seconds when it was released in October online.

After the March released of a 5.5-inch "phablet, the company is now planning to debut its first tablet. The device is expected ti be fitted with a 7.9-inch screen, and Xiaomi has already ordered parts, according to Reuters.

The company plans to sell 40 million phones this year compared to 18.7 million last year and 7.2 million the year before.

Xiaomi was founded in April 2010 by Lei Jun.

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