Remember the Xiaomi phone that was recently spotted running Android Ice Cream Sandwich? Well it looks like the phone has got successor on its way. Rumored to be called the Xiaomi M2, the Android smartphone will have a 4.6″ display, a 2.5GHz CPU, 2.5GB of RAM, 32GB of storage, 5-megapixel front facing camera, 12-megapixel rear camera, and Ice Cream Sandwich. The phone is also estimated to have a very low price tag of $394 (2,499 Yuan). Now there’s no way to verify if these are the actual specs of the device, but if they are, we’re looking at a powerful smartphone. Quite hard to believe especially because of its low price tag. However if it turns out to be true, it’s going to be one device that we’re keen on getting our hands on. Stay tuned for more details.