It's one of a trio of new products announced by Xiaomi, with the Mi Note packing in a Snapdragon 801 2.5GHz processor, 3GB of RAM and dual 4G Sim capabilities alongside its full HD display.
The 16GB and 32GB models are expected to cost CNY2299 and ¥2799 respectively, which works out at £244 and £297 given a direct conversion, and should they become available in the UK.
Xiaomi also took the opportunity to launch the Mi Note Pro (above), which has a Snapdragon 810 64-bit eight-core processor, a 5.7in 2K display, and 4GB of RAM. It'll cost CNY3299 (£350) when it's on sale.
Other features of the Mi Note include the 3D curved Gorilla Glass 3 and metal frame; a Sony 13MP rear-facing camera and a 4MP front-facing camera; and a 3000mAh lithium-ion battery.
Xiaomi is also chasing the audiophile market with the Mi Note, with the smartphone capable of 24-bit/192kHz lossless audio playback and supporting DSD, WAV, APE and FLAC file formats.
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Under its cover is the ESS ES9018K2M audio decoder to offer the best possible audio experience on the go. And the company is launching the Mi Headphones as a companion to the Mi Note and Mi Note Pro.
The Mi Headphones (CNY499, £53) feature a semi-open design with 50mm beryllium diaphragm speakers and interchangeable over-ear and on-ear covers, plus a straight silver-plated wire.
Elsewhere, Xiaomi's Mi Box Mini is a small streaming device that supports 1080p resolution video; Dolby and DTS audio; and has a Bluetooth remote control, as well as a 1.5m HDMI cable.