Forget about iPhone Samsung, as Xiaomi MI-2 arrives with Qualcomm Quadcore, Jelly bean and $315 price.

Now as three handset Giants (Samsung, Nokia and Apple) are planning for special events to launch new flagship Smartphones that they believe will turn the table in the current rivalry, Xiaomi tech that once shocked the handset market with Xiaomi MI-one has announced the release of Xiaomi Phone 2 (小米手机2 in Chinese) or MI-2 at an special event in Beijing and  has impressive features like Quadcore Qualcomm processor, Android 4.1 Jelly Bean, and 4.3-inch 720p IPS (In-Plane Switching) display. It is the first Smartphone in the market that comes with Qualcomm's Latest and Greatest chip Snapdragon S4 APQ8064 processor clocked at 1.5 GHz and will run Android Latest OS Jelly Bean, and the best thing is the price that you can buy it with. 

The handset is also powered by 2GB of RAM and comes with 16GB of memory, with the 4.3-inch IPS display manufactured by Sharp. The pixel density works out at 342 PPI, beating out the iPhone 4S, Samsung Galaxy S III, and HTC One X. The touchscreen also makes use of in-cell technology which decreases thickness that provides room for better, larger battery, that is also believed to be included in Apple's to be released iPhone 5.

MI-2 comes with backside illuminated (BSI) 27mm wide angle 8 MP rear camera with F2.0 aperture(F stop) and a 28mm 2MP front camera. The main camera is capable of recording 1080p videos at 30fps or 720p at 90 fps. The standard release comes with 2,000mAh cell, but you can also purchase a 3,000mAh version if you don't mind the extra 2mm thickness on the phone.

The Xiaomi Phone 2 will be running a custom MIUI interface as in previous Xiaomi phone, but it will be on top of the latest version of Android, Jelly Bean.

More of the good news is that the MI-2 comes with it's own personal assistant similar to Apple's SIRI. Only thing lacking in the device is LTE network that it cannot run with, not to mention the device runs up to HSPA+ network running data speeds near to LTE.  Xiaomi says the new handset will be available in China starting October, for only 1,999 CNY (about $315 or €255). Carriers like China Unicom and China Telecom will also offer the handset. Multiple color versions will be available, including silver, blue, pink, and yellow.