The Note 2 is the newest model in Xiaomi's premium Mi line and features a 5.7-inch flexible OLED display that sits under a panel of wraparound glass and curves around the sides of the handset.
On the rear is a 22.56-megapixel camera with support for 4K video, backed up by a dedicated 3-axis gyroscope to enhance image stabilization. An 8-megapixel camera with f/2.0 aperture features on the front.
The Note 2 is powered by a 2.35GHz Snapdragon 821 processor and comes with up to 6GB RAM and 128GB storage capacity. There's also a 4,070mAh battery with Quick Charge 3.0 support, plus cellular support for 37 bands worldwide.
The Mi Note 2 starts at 2799 yuan ($413) for 64GB storage/4GB RAM, going up to 3499 yuan ($516) with 128GB storage/6GB RAM, and will be available in China first before hitting other Asian markets and presumably other parts of the world.
Xiaomi's focus on its premium range of phones comes on the back of a shift in consumer interest away from discount devices in the Chinese smartphone market, with buyers seeking out high end phones that can go toe to toe with models from the likes of Apple and Samsung instead.
Huawei, Oppo, and Vivo are three Chinese brands that all offer premium phones now costing over $300, leaving Xiaomi's inexpensive Redmi handsets looking less attractive to savvy buyers with more disposable income.