At an event in China today, Xiaomi announced the Redmi Note 2. The budget phablet comes with a 5.5-inch Full HD (1080p display) and other key improvements compared to its predecessor.

The 160g heavy handset features an 8.25mm slim waistline along with dimensions of 152mm x 76mm.

Under the hood, the phablet is powered by MediaTek’s Helio X10 chipset, which comprises of an octa-core 64-bit Cortex A53 processors clocked at 2.0GHz, and a Mali GPU. Other specs include 2GB RAM, 16GB of storage space, Wi-Fi ac support, Dual SIM connectivity, and a 3,060mAh removable battery. Xiaomi will also be selling a Prime variant of the device with 32GB of storage space and slightly faster Helio X10 chipset clocked at 2.2GHz.

The device will also come with a 13MP rear camera and will make use of either a Samsung or OmniVision sensor. The camera also supports Phase Detection AutoFocus (PDAF) for autofocus times of only around 0.1 second. It also features an F/2.2 aperture and a 5-element plastic lens. There is also a 5MP selfie shooter located on the front of the device.

The Redmi 2 Note will also be the first handset from Xiaomi to run on MIUI7, which is based on Android 5.0 Lollipop. The budget phablet will be available in five colors, including pink, white, black, yellow, and blue. The price of Redmi Note 2 starts from RMB 799, while the Prime variant will cost RMB 999.