Chinese smartphone maker Xiaomi Inc has just announced the 4.7-inch Redmi 2 smartphone, coming with dual-4G SIM card slots and priced at 699 yuan ($113). The Redmi 2 comes with two SIM card slots that support 4G LTE connectivity and dual-standby. Xiaomi says that the Redmi 2 supports TDD and FDD. Other specs include a 4.7-inch IPS display with a resolution of 1,280 x 720 pixels; a 64-bit Qualcomm Snapdragon 410 quad-core 1.2GHz processor; MIUI 6; 1GB RAM; 8GB internal storage with microSD expansion up to 32GB; a 2,200mAh battery; an 8-megapixel rear camera; and a 2-megapixel front-facing camera.

Xiaomi sold 61.12 million smartphones in 2014, up 227 percent year on year, company founder and chief executive officer (CEO) Lei Jun said Sunday.

Total sales revenue with tax reached 74.3 billion yuan (12 billion U.S. dollars), up 135 percent year on year, Lei said in an open email to the company's employees.

The company was valued at 45 billion U.S. dollars in the new round of financing late December.