Xiaomi, the smartphone and software company, debuted a low-cost handset, Red Mi, on Q-zone, Tencent’s social platform this afternoon. With quad-core MT6589T chip built in, the dual SIM phone costs RMB 799 (about $130), less than half of that for Xiaomi’s flagship handset. A round of leaked images show that the company is producing a Smart TV and a tablet which are expected to be launched this month. 7.03 million Xiaomi smartphones were sold in the first half of 2013 that generated 13.27 billion yuan ($216 mn) in revenue. The company is reportedly raising another round of funding at a record-high valuation.