Xiaomi unveils new version of its smart TV- Mi TV 2

Xiaomi, the chinese electronics company, unveiled a smaller and cheaper version of its Mi TV 2.

According to San Francisco- based techcrunch.com website, the new Mi TV 2 is smaller at 40 inches wide and 14.5mm thick thin. Last year's model is 49 inches and 15.5mm thin. A quad-core MStar 6A908 Cortex-A9 CPU and Mali0450 MP4 GPU are integrated this time, alongside 1.5 GB of RAM and 8GB memory.

The new model has a 1080p display, as opposed to last year's 4K screen. The new Mi TV 2 comes in at a cheaper $322. Those preferring the 49-inch Mi TV 2 can pay $670.

Xiaomi has integrated an Android MIUI based entertainment system. It runs on Android 4.4, but is upgradable to Android 5.0. This is useful for playing games, watching videos and movies and getting on to the web.

The TV goes on sale in China on March 31. Xiaomi has not said whether it will be available in other markets.

Xiaomi is the world's third largest phone maker based on shipments.