Xiaomi have just surprised everyone by announcing a new ‘Youth’ version of the popular M1 Android smartphone which get’s almost everything the M1 has but at a much lower price!

The Xiaomi M1 ‘Youth’ (to be down with the ‘kids’) is basically the same smartphone as the regular 1999 Yuan ($313) M1 complete with 4 inch screen and (we assume) rear 8 mega-pixel camera, and even a dual core CPU!

However the dual core CPU in the M1 Youth is clocked at a slightly less powerful 1.2 ghz and also gets slightly less RAM than the full fledged M1 (768mb).

Surprisingly the Xiaomi M1 Youth will ship with Android 4.0 and the all new MIUI V.4 while the current M1 is still only running MIUI based on Android 2.3 Gingerbread.

The price of the Xiaomi M1 Youth is 1499 Yuan ($242) however if you are looking to get your hands on one of these units you will have to enter into a lucky draw and win the chance! Plus there are only 150,000 Xiaomi M1 Youth models going to be available in the first batch!