A Chinese smartphone maker released its new smartphone Wednesday, after a year of attempting to maintain its dominance in the world's largest smartphone market with budget devices.

The new smartphone, which is powered by a Qualcomm Snapdragon 820 processor, remains true to the brand's pricing strategy, with the basic version available for 1,999 Yuan (around 306 U.S. dollars), just a fraction of the price of an iPhone 6s.