Xiaomi is gearing up to unveil its new flagship Mi Note 2, packed with an array of never-before-seen features from the "Apple of the East."

Xiaomi Mi Note 2 serves as the brand's optimum effort to compete with the acclaimed leader in top-tier smartphones today, Samsung's Galaxy Note 7. For a company heralded as the "Apple of the East," the new smartphone can aptly be described as a highly anticipated latecomer, but its debut nonetheless provides a stiff competition to the current flagship leader, the Galaxy Note 7.

The Xiaomi Mi Note 2 is said to have a competitive edge over the controversy plagued Note 7 as far as features are concerned. With the brand's key appeal focused on pricing, anyone can safely regard the Mi Note 2 as an economical alternative to Samsung's flagship smartphone.

If previously surfaced reports centering on the Xiaomi Mi Note 2 are anything to go by, the purported smartphone will offer a couple of choices in terms of memory configurations including - 6GB RAM/64GB or 8GB RAM/256GB, GSM Arena reported.

Moreover, the smartphone is likely to be powered by a Snapdragon 821 SoC processor. The Mi Note 2 will sport an 8MP front snapper and a 13MP dual-rear camera.

Xiaomi CEO Lei Jun recently published a post on China's social networking website, Weibo (via Xiaomi Today) announcing that the company's imminent flagship device, the Mi Note 2 has entered mass production. Considering the fact that the piece of info comes straight from the chief executive of the company, the device's presence is now confirmed.

The Mi Note 2 was originally scheduled to arrive last month, but the release was apparently pushed back due to some unrevealed reason. Instead of the Mi Note 2, the Beijing based smartphone maker released the Mi 5s and the Mi 5s Plus in September this year.

Xiaomi Mi Note 2 is expected to hit the store shelves between late October and early November.