It seems that the Chinese tech giant Xiaomi Corp. believes in giving tough challenges to its competitor by offering handset with premium specs at incredibly affordable prices. Latest reports state that the upcoming Xiaomi Redmi Note 2, the company's next edition of the mid-range 5.5-inch phablet, will run on Media Tek's Heilo X10 chipset, which also powers the recently released HTC One ME.

Citing a leak on the Chinese social media Weibo, GizChina reported that considering the earlier leaks, which suggested extremely low prices for the Redmi Note 2, the upcoming phablet that may possibly be equipped with the same premium processor powers a top-end HTC phone. This makes the Xiaomi offering worth waiting for.

According to IB Times, the Helio X10 processor has eight cores clocked at 2.2GHz. On the HTC One ME, the processor serves up computing prowess to a device sporting 5.2-inch quad-HD display, 3GB RAM, 32GB internal memory, 20-megapixel primary rear camera, a 4-megapixel selfie camera in addition to a fingerprint sensor.

Referring to the upcoming Redmi Note 2, GizChina claims that a Weibo user with the handle @kjuma has posted what it claimed to be images of a working model of the smartphone and its packaging.

Previous rumors regarding the Redmi Note 2 specs include a 1080p display, 2GB RAM and 16GB internal storage. The device is also expected to come with 13-megapixel primary rear camera and a 5-megapixel front-facing snapper for the selfies. In addition, previous rumors also speculated that the smartphone would run on the eight-core Snapdragon 615 processor, which is found on Xiaomi's Mi4i smartphone also.