Xiaomi has officially announced its much-rumored Redmi 1S successor, introducing the new Xiaomi Redmi 2 for the mid-range category of the smartphone market.

Dubbed the "Apple of China," Xiaomi has rapidly grown in popularity and is becoming increasingly successful. Its devices are typically in very high demand and sell out in no time, allowing the company to break impressive sales records.

Last year's Xiaomi Redmi 1S has enjoyed great success due to its good specifications and budget-friendly price tag, and the company has now come up with a new iteration.

The freshly-unveiled Xiaomi Redmi 2 is a budget-friendly smartphone with 4G LTE connectivity and dual-SIM support, as well as good specifications all around. More specifically, the Redmi 2 sports a 4.7-inch IPS HD display with a resolution of 1280 x 720 pixels at a pixel density of 312 pixels per inch, and packs a 64-bit quad-core Qualcomm Snapdragon 410 processor clocked at 1.2GHz.

Other specs include Adreno 306 graphics, 1GB of RAM, 8GB of internal storage capacity, and a microSD card slot for additional memory of up to 32GB. On its rear, the Redmi 2 features an 8-megapixel camera with LED flash, 1080p video capture, and 28mm wide-angle lens with f/2.2 aperture, while a 2-megapixel shooter graces the front of the device. A 2,200 mAh battery will keep things up and running, and MIUI 6 based on Android 4.4 KitKat will rock the software side. Connectivity options other than LTE include 3G, Wi-Fi 802.11 b/g/n, Bluetooth 4.0 and GPS.

When it comes to design, the handset features a plastic body and comes in a colorful array of options, aiming to suit various tastes and preferences. More specifically, the Redmi 2's back plate will come in several color options, but it remains unclear at this point whether it is removable or not.

In terms of pricing and availability, the new Xiaomi Redmi 2 will launch in China on Jan. 9, sporting a price tag of CNY 699 (roughly $112). Xiaomi has yet to announce which other markets will get to launch the Redmi 2 smartphone, but a wider release is expected. The company should offer more availability details soon, but you can learn more about the smartphone here in the meantime.