In a move seen by many as targeted at Apple, Beijing-based smartphone manufacturer Xiaomi recently unveiled its Mi Note handset, drawing comparisons to the Cupertino giant's iPhone 6 Plus.

Revealed at a launch event last Thursday, the Mi Note's comparison to the iPhone 6 Plus is warranted, and Xiaomi co-founder and CEO Lei Jun himself made numerous references to Apple's best-selling phone. Jun, however, made sure to hound in that the Mi Note phablet is better than the iPhone 6 Plus in many regards, pointing out that the Mi Note is larger, thinner, and lighter than the iPhone 6 Plus. Oh, and the rear-facing camera doesn't stick out, if that's an issue.

The Mi Note's actual specs include a 5.7-inch display, a Qualcomm Snapdragon 801 processor clocked at 2.5GHz, and 3GB of RAM. The 13-megapixel rear-facing camera also comes with optical image stabilization. The phablet also features an LG 3,000mAh battery that keeps it churning along.

Larger-screen smartphones have risen in popularity in recent years as customers begin to use their devices for more than just making calls. Many prefer videos, photos, and apps on a larger screen, and the 5.5-inch iPhone 6 Plus is Apple's first entry into the large screen smartphone market (the regular iPhone 6 is 4.7 inches, not enough to be considered a phablet). Google's latest Nexus smartphone, the Nexus 6 also boasts a large 6-inch screen, and Xiaomi's Mi Note is expected to compete with them in key markets.

Despite the financial press touting an impending war between Apple and Xiaomi it's important to remember there are key differences between the two companies, despite Xiaomi's dominance in China leading it to be called the "Apple of China." The Xiaomi Mi Note will release in China, a major smartphone market, for the price of $375. Compare that to the iPhone 6 Plus's price tag of $865 in China.

"The response from the financial media was predictable. As soon as the new Xiaomi model was announced, it was lauded by some as an Apple killer. However, there is a critical point Apple bears are missing," writes Bob Ciura on Seeking Alpha. "Xiaomi is a low-margin operator with low-priced devices, whereas Apple reaps significantly higher profit margins with premium-priced devices. This implies that those individuals buying Xiaomi devices do so primarily because of the low cost. This is not true competition to Apple, because those customers would likely not have purchased the more costly Apple device anyway."

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