Yota banks on design, pricing to ring in profit

The YotaPhone, Russian President Vladimir Putin's 2014 gift to President Xi Jinping, is entering the Chinese smartphone market with a one-of-a-kind design, an unexpected price and a surprising business partner.

With its second-generation device, Yota Devices is hoping to alter the landscape of the world's largest smartphone market with its unique dual-screen design, said Vlad Martynov, founder and CEO of the Moscow-based smartphone vendor.

"We view this as a game changer," Martynov said at a launch event on Wednesday at the Russian embassy in Beijing.