Xiaomi unveiled the long-rumored Mi5 on Wednesday following over a year of hype and speculation. The device offers mostly cutting-edge specs and a familiar sleek design for an impressively low price.

For the most part the Mi5 is in lockstep with the latest Android flagships from Samsung and LG. It boasts a Snapdragon 820 processor, a 3000mAh battery, a 16-megapixel camera with optical image stabilization, 4GB of RAM, up to 128GB of storage, Android 6.0, and a fingerprint reader built into the new home button. The display falls short of the competition with a 5.15-inch 1080p LCD panel, but Xiaomi had to cut corners somewhere to keep costs down.

As usual, Xiaomi is selling the new phone with barely any profit margin. The Mi5 starts at 1,999RMB (roughly $305) and goes as high as 2,999 RMB ($458) with 128GB of storage

The phone’s design is nice, but it isn’t much of a change from the Mi Note released by Xiaomi last year. It offers the same metal frame with a ceramic body and glass on either side. The Mi5 is available white, gold and black, though the rumored pink variant is missing in action.

The Mi5 launches on March 1 in China. After that it’s headed to India and a handful of other countries where Xiaomi sells its phones, though for now that list still doesn’t include North America or Europe.