HTC is a brand that is certainly up there in the smartphone segment and despite its lackluster sales, the company is not about to bought out.

Rumors circulated recently that upstart Chinese company Xiaomi is buying out HTC, a move that could make sense and place Xiaomi in serious contention to give leaders Apple and Samsung some stiff competition in the smartphone niche.

But as far as HTC chairwoman Cher Wang is concerned, there is no truth to that rumor.

She cleared the cloud surrounding this rumor at an annual general meeting, likewise apologizing for HTC's poor performance which saw their shares fall 5.79%.

Despite that eye-popping drop, Wang explains that HTC is not about to throw in the towel. In fact, she even bares that HTC will be releasing some new smartphones later this year which many believe could be Windows Phone handsets.

Their latest device out in the market is the HTC One ME which was released in China. The newly launched device is a high-end phone features BoomSound speakers up front and comes with a fingerprint sensor.

The One Me carries specs that include a 5.2-inch Quad HD display, a 2.2 GHz MediaTek Helio X10 processor with eight Cortex A53 processors further supported by 3GB of RAM.

The device is a dual-SIM device and offers expandable storage through microSD of up to 32GB. It also comes with a 20MP camera at the back and 4MP front-facing shooter. It runs on Android 5.0 Lollipop.

It remains to be seen what devices Wang would be releasing later on next year which could perhaps put these buyout rumors to rest.

For their part, Xiaomi has fared remarkably well despite avoiding the heavy marketing schematics for their line of products. Xiaomi has seen stocks for its device go out fast, resulting in customers having to wait in queue just to get hold of one.

One can just imagine the scenario had Xiaomi bought HTC though that has been downplayed, at least for now.