Xiaomi, known as the "Apple of China" in a majority of regions, has announced the Redmi 2, which is the successor to the company's original Redmi smartphone that possessed satisfactory hardware specifications at a very affordable price. Xiaomi continues to use its cost-effective pricing strategy on its Redmi 2 as the handset only carries a price tag of $110 or 699 Yuan. 

Inside the chassis of the Redmi 2, Xiaomi has managed to incorporate Qualcomm's Snapdragon 410 chipset, which runs a quad-core processor with a base clock frequency of 1.2 GHz. One of the primary advantages of owning the Redmi 2 is that the processor is compatible with the 64-bit architecture, which results in a more fluid navigational and app functioning experience. 

In addition to the 64-bit capable processor, the Redmi 2 is also assimilated with 1 GB of RAM, 8 GB of internal storage, along with the option to expand that internal storage with the aid of a microSD slot. The Redmi 2's form factor is a 4.7-inch 720p IPS LCD display, and features dual-SIM support, followed by an 8-megapixel rear camera, and a 2200 mAh battery. 

According to Xiaomi, the Redmi 2 will retail in China starting Jan. 9 and will be available in yellow, pink, white, black and green. The company has not commented on the device's availability in other regions. Apart from the Redmi 2, Xiaomi is also working on its flagship smartphone, the Mi 5, followed by the company's flagship slate, the Mi Pad 2, which is rumored to be housing Intel's Atom chipset. 

Thanks to its aggressive pricing strategy, Xiaomi has garnered sufficient amounts of revenue in the past 12 months, increasing its market share in the smartphone industry to 5.2 percent, making it the third largest smartphone maker in the world in the process. Lenovo follows close to its rival, with a market share of 5.1 percent.