Xiaomi, the smartphone and software company, debuted a low-cost handset, Red Mi, on Q-zone, Tencent’s social platform this afternoon. With quad-core MT6589T chip built in, the dual SIM phone costs RMB 799 (about $130), less than half of that for Xiaomi’s flagship handset.

As the company made a big fuss about it before the launch, it disappointed many that it’s not one of the long-rumored gadgets. A round of leaked images show that the company is producing a Smart TV and a tablet which are expected to be launched this month.

7.03 million Xiaomi smartphones were sold in the first half of 2013 that generated 13.27 billion yuan ($216 mn) in revenue. The company is reportedly raising another round of funding at a record-high valuation.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com