Xiaomi has always shied away from the high-end smartphone market. The company is primarily known for releasing phones that cost one-third of flagship phones, but pack in almost the same specifications as them. However, it looks like that is about to change as the company’s co-founder Liwan Jiang has confirmed that it plans on releasing a CNY 4000 ($600) smartphone this year.

If true, this will be the most expensive smartphone that Xiaomi has ever launched since its existence. The company’s flagship Mi series usually retails for around $300-$400 mark in China, India and other countries where the handsets are sold. Jiang however reassures that despite its price tag, the upcoming handset from the company will offer value for money — something for which all Xiaomi handsets are known for.

It is likely that this smartphone from Xiaomi will be its much rumored Mi Note 2. Successor to the original Note, the Mi Note 2 is rumored to sport a dual curved AMOLED display with ‘3D Touch’ support. It is also expected to be powered a Snapdragon 820 chipset, 4000mAh battery, a dual lens camera setup at the rear with 12MP shooter, and up to 6GB RAM. The handset will be available in multiple variants, with the highest-end variant featuring 128GB of storage and 6GB of RAM being priced somewhere around the CNY 4000 range.