The next generation Xiaomi Phone is coming soon. Some exclusive photos and info have leaked out from Foxconn factories. The MI-2 will boast an improved screen with 720p resolution, and powered by a quad-core processor from Qualcomm.

It will feature dual LED flash for the rear camera, but it still doesn’t come with front-facing camera. It has an all new unique back-cover which opens vertically to gain access to the battery and SIM card. This new design will allow user to have different combination of two color tone of their choice. We’re still not too sure whether the new Xiaomi smartphone will support Android 4.1 Jelly Bean, or even the latest mobile Windows OS Windows 8. It is rumored that MI-2 will still manage to cost at a low price of only 1999 yuan (US$313, contract free) and it will be announce next month. Few more pictures after the break.

Xiaomi phone is a kind of high-end smartphone developed specifically for the enthusiasts, with affordable price. The latest and cheaper youth version of Xiaomi phones are now targeting the low-end market, which has a price lower than Apple’s iPhone 3Gs (US$453 vs. US$242) with better specification. Meizu latest MX 4-core (32GB model) is selling for US$480 in China right now, if MI-2 will cost only US$313, it will become the cheapest quad-core smartphone in the market. More low-cost and high configuration smartphones are emerging in China, which are made by domestic mobile terminal manufacturers and Internet companies. It’s interesting to see how the next generation Xiaomi Phone will seize more market share and still maintain an important place in the fierce market competition in China. By looking at the leak photo, we actually prefer the previous prototype design more…