Chinese device maker Xiaomi is reported to have officially unveiled its anticipated “Red Rice” smartphone, the lowest-priced product in its range, with a partnership with internet giant Tencent to bring it to market.

Priced at CNY799 ($130), with availability in August 2013, the device has an impressive feature set for the price. It has a 4.7-inch HD (720p) screen, is powered by a 1.5GHz quad-core processor, and runs Xiaomi’s MIUI platform – a version of Android.

It also includes dual SIM support, and is compatible with the TD-SCDMA 3G network of China Mobile.

According to The Next Web, Red Rice will initially be available via the social networking site Qzone, which is operated by Tencent. It was reported last week that Tencent was set to invest in Xiaomi, although this does not appear to have come to fruition yet.

It was reported earlier this year that Xiaomi had hit hurdles bringing the device, also known as Hong Mi, to market. China’s Ministry of Industry and Information Technology was reported to have withdrawn a permit necessary for sale, although presumably this has now been reinstated.

Earlier this month, Xiaomi said that its revenue for the first half of 2013 had surpassed its total for all of 2012, with it targeting sales of 15 million devices in the current calendar year.

While its new device will help it achieve volumes by attracting more mass-market customers, it will find itself competing in a market where competition is already fierce, from vendors including Samsung, Lenovo, Huawei and ZTE.