Xiaomi, in collaboration with Tencent and China Mobile, has finally launched its Red Rice smartphone and has claimed that the new handset is the cheapest in its range.

Unveiling the phone through a joint announcement with Tencent, Xiaomi detailed the specifications of the phone. Red Rice will be powered by a MediaTek MT6589T quad-core processor clocked at 1.5GHz, has a 4.7-inch screen with 1280 x 720 resolultion, 8-megapixel rear camera and a 1.3-megapixel front one, and runs Xiaomi’s own highly-customized Android-based MIUI firmware version 5. The smartphone is dual-SIM capable.

There were speculations in terms of the pricing of the with some reports claiming that the handset will be carrying a tag of RMB999 ($162.80) but, according to Sina Tech report Red Rice will be priced at RMB799 ($130).