Move over, Apple, Chinese smartphones are here

It's lighter and thinner, has a bigger screen and sells at a fraction of the price of an iPhone 6 Plus.

Affordable-smartphone maker Xiaomi Corp introduced a strong challenge to Apple Inc on Thursday, along with an ambitious plan for the smart home sector.

Selling at 2,299 yuan ($370) for the entry-level product, the Mi Note, with its 5.7-inch screen, is the company's first large-screen device. The iPhone 6 Plus, which is equipped with a 5.5-inch screen, sells for more than 6,000 yuan in China.