Chinese manufacturer Xiaomi has just unveiled its first tablet, the MiPad, a stunning iPad Mini-like slate with a 7.9-inch display and high-end specs.

The new Xiaomi MiPad runs Google's latest Android 4.4 KitKat mobile operating system with the company's own custom MIUI user interface on top. In terms of hardware specifications, the MiPad will launch as one of the very first tablets to boast an NVIDIA Tegra K1 processor, which should allow for some heavy gaming despite the tablet's affordable price tag.

Speaking of pricing, the Xiaomi MiPad will sport a CN¥1,499 starting price, i.e. roughly $240. The tablet boasts a 7.9-inch display with a resolution of 2048 x 1536 pixels and a pixel density of 326 ppi. The Tegra K1 processor consists of a handful of ARM Cortex-A15 CPUs with a graphics processing unit based on the Kepler graphics technology found in desktops. This processor should be at least 25 percent faster than other flagship chips, including Apple's 64-bit A7 or the Qualcomm Snapdragon 800.

Other specs of the new Xiaomi MiPad include 2GB of RAM and a choice of either 16GB or 64GB of internal storage capacity. MicroSD card support is also on board, allowing  for additional memory of up to 128GB. The tablet further features an 8-megapixel rear camera and a 5-megapixel front shooter, as well as stereo speakers and a large 6,700 mAh battery. Connectivity options include Wi-Fi 802.11ac and Bluetooth 4.0.

Xiaomi currently plans to kick off an "open beta" program in China next month, but it remains unclear when it will make the MiPad available for the general public. Currently no information is available regarding when or if the Xiaomi MiPad will make its debut in the U.S. as well. The company has made notable efforts recently to expand its global presence, but so far it hasn't launched any device in the U.S.

If it does make it to the U.S., however, the MiPad will most likely be a smashing hit. It boasts very similar hardware to the iPad Mini, and there's no comparison when it comes to pricing. For more details and images of the device, check out Xiaomi Singapore's Facebook page at this link and watch the video below to see the MiPad in action.