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Xiaomi has been successful in launching cheap but powerful smartphones. Now, it is expected to reveal the Mi Note 2 next month.

The new phablet is rumored to have high-end specs which will probably place it in one of the best deals for the money. Xiaomi has a reputation of rolling out models that have significantly lower prices that can compete with Apple and Samsung's smartphones specs-wise.

There have been few details and rumors regarding the Xiaomi Mi Note 2, but all point to another possible flagship killer. For starters, it will sport a 5.7-inch QuadHD display with a crisp 515 ppi pixel density.

Looking at the size of the display screen alone, it puts the new phablet right on the high-end alley with the Samsung Galaxy Note 5, Galaxy S6 Edge+ and the new LG V10. In addition to the majestic display, the phablet will also have a powerful engine under the hood.

Rumored to power the Xiaomi Mi Note 2 is Qualcomm's new Snapdragon 820 chipset. However, the release date of the Mi Note 2 on November 5 makes the MediaTek Helio X20 chip a more likely candidate, according to International Business Times.

The storage is also pretty decent at 32GB. In addition, the 4GB RAM will keep multitasking an easy task for the user. It will also support 4G LTE for faster download speeds and run Android 6.0 Marshmallow out of the box.

Should the Xiaomi Mi Note 2 launch on November, it will take competitors by surprise. The Chinese tech startup seemingly launches new products outside the 12-month cycle, according to JobsNHire.

Xiaomi has launched its products on a limited number of countries. Internationally, users outside China and other supported countries usually rely on third-party retailers and resellers for their phones.

If the Mi Note 2 does come with the new Qualcomm chip, it will also come with the chip designer's ultrasonic fingerprint technology, according to Digital Trends. Currently, there is no phone or tablet from the company that has a sensor.

The new technology from Qualcomm will allow the fingerprint sensor to be integrated with the display for easier, seamless access. There are also rumors that the technology could also be featured in the Mi 5.

Unfortunately, there have been no reports regarding the price of the Xiaomi Mi Note 2. Seeing as their phones are cheaper, the price tag would most likely be less than $700, which is hundred dollars less expensive than the iPhone 6S Plus from Apple.

Xiaomi has surprised everyone with its value-for-money phones. The Mi Note 2 will definitely be no exception. However, will it still be able to stand against Samsung and Apple's flagship models?