After launching the Mi Max, China-based Xiaomi is rumored to have a new 4.3-inch smartphone in the works dubbed the Xiaomi Mini.

As the name suggests, Xiaomi is allegedly looking to walk the path taken by OEMs such as Apple, Sony, HTC and Samsung.

The news comes courtesy of publication Android Central, which spotted a leak on Weibo, the Chinese equivalent of Twitter.

The leak shows off the image of the purported Xiaomi Mini and the post alleges that the OEM is gearing up to launch the new handset in the near term. The smartphone will apparently sport a 4.3-inch 720p display and have a glass panel on the front. Under the hood, the Xiaomi Mini will house a Snapdragon 820 processor from Qualcomm and 3 GB of RAM.

The Xiaomi Mini will apparently support a fingerprint sensor, as revealed by the image, and have 32 GB of onboard storage. The device is also expected to boast a 13-megapixel rear-facing camera.

The leak does not mention the operating system or battery size for the Xiaomi Mini, but it will likely come with Android Marshmallow out of the box.

It is believed that Xiaomi Mini will release in the near future, but an exact release date is not known. The handset is expected to be priced at CNY 1,799, which is equal to about $275. It will be an affordable offering at this price point, but more expensive than the flagship Mi 5, which hit the shelves earlier this year. Whether the Xiaomi Mini's release will remain restricted to China or if it will make its way to other countries is circumspect.

The authenticity of the leaked image remains a question mark. The publication The Verge is of the belief that the image is not of the Xiaomi Mini but that of the 5.15-inch Xiaomi Mi 5 smartphone. This suggests that even the alleged specifications and features of the purported smartphone are concocted.

On the other hand, others think this is the real deal and that Xiaomi could be experimenting with a new model, which could turn into a cash cow for the company.