Lei Jun, founder and CEO of China's mobile company Xiaomi, shows new features at launch ceremony of Xiaomi Phone 4 in Beijing
Lei Jun, founder and CEO of China's mobile company Xiaomi, shows the new features at a launch ceremony of Xiaomi Phone 4, in Beijing, July 22, 2014. China's Xiaomi unveiled on Tuesday its new flagship Mi 4 smartphone, aimed squarely at the premium handset market dominated by Apple Inc and Samsung Electronics Co Ltd. REUTERS

Xiaomi which jumped to the third spot as the world's largest smartphone manufacturer is rumoured to be working on a USD 65 handset. The handset will be powered by a Leadcore LC 1860 processor that is built on 28mm Cortex A7 architecture.

According to GizChina, Leadcore is a chipset manufacturer from China. Even though the Leadcore chipset is not as popular as market leaders like MediaTek and Qualcomm, the Chinese chip maker can gain good popularity under the wings of Xiaomi brand.

The Leadcore LC 1860 chipset can deliver a clocking speed of 2.0 GHz along with Mali T628 graphics. The Chinese chipset can support 2K LTE display screen. The chipset also supports full HD video recording at 60 fps and a range of connectivity features like LTE and 3G.

Xiaomi's USD 65 smartphone may not make use of the full potential of the Leadcore LC 1860 processor says GizChina but will come housed with features like HD display and 1 GB of RAM along with LTE connectivity.

Xiaomi is also rumoured to be working on a low-cost 9.2-inch tablet that will be powered with a 64-bit Snapdragon 410 quad-core processor which clocks at 1.2 GHz. The chipset includes Adreno 306 graphics which is supported by 1 GB of RAM. Its internal storage is 8 GB and will also feature a SIM card slot. It will come preinstalled with Android v4.4.4 KitKat. The specs of the rumoured tablet were revealed through GFXBench benchmarks testing.

Xiaomi is doing impressive across the globe. It sold 44 million units in Q3 in this year and according to Android Headlines, by the end of the year, Xiaomi will aim to sell 60 million units. According to a recent PhoneArena report, Xiaomi sold 1.16 million handsets in the home country in celebration of Singles Day last November 11.

The global performance of the company is remarkable as it was launched in 2010 and within three years it sold 19 million handsets. Xiaomi has plans to expand its business to various countries like India, South-east Asia and Latin America.