Most of the Chinese OEMs used to offer products with very good specs for a lower price than those being asked by better-known companies worldwide. However, some of them have since shifted their focus towards that of a better design including premium materials, which in turn have increased the price of the devices. Although, still not expensive as other OEMs, they are no longer as affordable as they once were. Xiaomi released their first phone in 2011 and ever since, they have grown significantly becoming one of the largest smartphone makers and they have actually kept their prices very low. To achieve just that, the company has a strategy of selling their phones exclusively online and keeping their stock almost sold on-demand. They actually rely more on selling services or apps that will be used by the hardware they have created rather than the profit that this hardware provides. Their products are now sold in some Asian countries other than China, but apparently they will be expanding to more countries in the future.
Xiaomi actually owns the Guinness World Record for the most phones sold in 24 hours directly from their site during a period of time where they had special offers and discounts. Their most affordable smartphone is the Redmi 2A and even with its 4.7-inch HD display, quad-core processor and 1 GB of RAM, it sells for less than $100.
The company has tweeted that they will be "dropping some exciting news tomorrow noon" asking their followers to guess what it might be. The tweet includes a picture of a person dropping his pants on the floor and the phrase "Something's dropping soon" can be seen in the lower part of the image. As to what to expect, the most popular belief is that the prices of some products will get even lower, but it is unknown if these would be permanent changes or if it will be a one-day event like they have done before. In India, four phones are currently sold, the Redmi 2, Redmi Note 4G, Mi 4 and Mi 4i, a new color has been recently introduced for this last phone. Their tablet Mi Pad is also being sold as well as some accessories.