The smartphone market in China is booming as it is all set to take away from the US as the world’s largest. Several small companies in the country will be launching cheap smartphones so as to take away the market share from the US giant Apple Inc’s iPhone.

In the latest challenge to the iPhone, Xiaomi Technologies has launched the successor of its popular MiOne (MI) smartphone. The best part is that the new MI2 has the specifications which exceed those of the iPhone 4S and sells for less than half the price. The Xiaomi phones which were introduced just two years back are now as popular as the BlackBerry of RIM.