Chinese entrepreneurs seem to leave no room on the market for foreign companies and come with their own competitive products.  Xiaomi, China’s young and rising mobile maker valued at $4 billion, has unveiled today at a special press event its second generation smartphone, Xiaomi2, which promises to be a success on the Chinese market and a real threat to Apple’s iPhone.

Xiaomi 2 was announced at the beginning of this month, when the company also brought into the open the launch date and the eco-friendly packaging of the anticipated smartphone. The Mi2 will be launched in October, same as the iPhone 5, as rumored. It will be curious to see how the situation will progress, because Xiaomi’s second generation smartphone stands as a true threat to Apple’s technology.

The Mi2 has a quad-core processor, a 4.3-inch display, runs the company’s MIUI V4 skin of Android Jelly Bean and includes its own Siri-like personal assistant, developed by Keda Xunfei. Moreover, it has 2GB of RAM, 16GB of memory, 8 megapixel rear camera, 2 megapixel front camera and a HDMI-compatible USB port.

Xiaomi, called also the Chinese Apple, says that its Mi2 already beats Samsung’s Galaxy S III; performance tests have proved it.

Find out more information about the Mi2 release event on TNW.