China's Xiaomi Launches 'Mi Pad'; Apple (AAPL) on Watch

The Apple (Nasdaq: AAPL) of China® is at it again.

Reports out Friday have Xiaomi launching its Mi Pad tablet device today. The tablet, which sports the same colors as Apple's iPhone 5c, has a 7.9-inch display, NVIDIA (Nasdaq: NVDA) Tegra K1 processor, 2-GB of RAM, 8-megapixel rear camera, and up to 64-GB of storage.

With the launch, Xiaomi has about 100 apps and 400 games with plans to have 1,000 apps available before the end of 2014.

The 16-GB Mi Pad costs $200, undercutting both Apple's iPad mini and Samsung Galaxy Tab 4.

No 3G or LTE support will be available for the device.

While this could pressure Apple tablet sales in China somewhat, most believe that thos looking to buy a Xiaomi will buy one while those in the market for an iPad will get that instead.

Shares of Apple are lower in early trading Friday.

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