Lei Jun, Xiaomi founder and CEO
Lei Jun, Xiaomi founder and CEO, speaks at a launch ceremony for the Xiaomi Phone 4 in Beijing in 2014. Reuters/Jason Lee

Xiaomi has just released a new 40-inch Mi TV 2, almost a year since the first Mi TV 2 priced at $645, was launched. Being the smaller version of the original, which had 4K video support, the new Mi TV 2 is more like a cheaper full HD counterpart.

According to GSM Arena, this new 40-inch, 1080p smart TV will be out by March 31 and can be purchased from the Xiaomi website at only $322. Despite it relatively cheap price, it is actually based around a Sharp SDP X-GEN LED panel that can provide its user with 5000:1 contrast ratio.

It is powered by an MStar 6A907 Soc, which was built from a Mali 450 M4 GPU and four Cortex-A9 CPU cores. They are all backed by 1.5 GB of RAM, as well as 8 GB of internal memory.

With regards to sound, the new Mi TV 2 comes equipped with a Dolby MS12 virtual surround sound system, and an H.265 10-bit hardware decoder. With this decoder, it can view a multitude of video formats, such as AVI, MKV, FLV, MP4, and MOV, among others, according to Android Authority.

Additionally, since it is a smart TV, users will see an MIUI customized Android OS that brings media streaming, as well as HD gaming to the big screen. At present, the operating system of the units that are in the market is the Android 4.4. However, the report has insisted that an Android 5.0 update will be available soon.

Although the new Mi TV 2 will officially be released by the end of March, multiple tech news outlets have reported that there has been no announcement on whether or not this affordable smart TV will be made available outside China. However, the rumor mill has stated that India might see the product later this year.