Xiaomi beat LG to the punch by announcing the first quad-core Krait-powered phone (though the Optimus G should have the distinction of shipping first). The Xiaomi Mi-Two will go into production on September 22, revealed the company’s co-founder.

Also, the Mi-Two will be coming in a 32GB version along with the originally announced 16GB version (there’s a microSD card slot too). The rest of the specs include a Qualcomm APQ8064 chipset, 2GB of RAM, 4.3″ IPS LCD with 720p resolution (342ppi) and a 2000mAh standard battery (and optional 3000mAh).

The Xiaomi Mi-Two will start shipping in mid to late October at RMB 1,999 ($315, €225) for the 16GB version. It’s still unclear how much the 32GB model will cost, though.