HTC has officially introduced its new One Mini 2, the smaller version of its latest flagship smartphone, sporting the same beautiful design but in a smaller form factor.

Continuing the trend of launching one high-end flagship smartphone and then offering a spinoff with a more compact form factor at a lower price point, HTC has now launched the HTC One Mini 2, the successor to last year's HTC One Mini. The handset still sports quite a large display at 4.5 inches, which doesn't exactly make it very "Mini," but it will be a more affordable alternative to the flagship.

The latest HTC One M8 flagship comes with top-of-the-line specs and features, but it also comes with a price to match. The new HTC One Mini 2, meanwhile, retains the stylish design and also boasts a 5-megapixel front camera for selfie enthusiasts, but otherwise packs slightly watered-down specifications compared to the flagship.

The new HTC One Mini 2 packs a quad-core Qualcomm Snapdragon 400 processor clocked at 1.2GHz, paired with 1GB of RAM and 16GB of internal storage capacity, expandable via microSD. On the software side, the handset runs the latest Android 4.4 KitKat mobile operating system.

With these specs on board, the HTC One Mini 2 is bigger and faster than its predecessor, though as expected it is not as powerful as the One M8 flagship. With a 5-megapixel front shooter, however, the HTC One Mini will most likely be a hit.

"The latest member of the award-winning HTC One family distills the advanced features that have earned its global acclaim, into an elegant, compact handset," HTC CEO Peter Chou touted in the press release on Thursday, May 15. "Its size and tapered edges fit perfectly in a hand, pocket or purse, making it look great and feel even better to use. It's the perfect choice for those who love the iconic design of the HTC One (M8) yet want something more compact."

With its latest offering, HTC is hoping that the notable camera improvements will attract more customers. Aside from the aforementioned front-facing camera, which has a higher-resolution sensor than most other handsets out there, the HTC One Mini 2 also has a 13-megapixel rear camera, not an UltraPixel sensor like the flagship.

HTC has yet to announce pricing details for its new One Mini 2 handset, but the device will definitely be cheaper than the premium HTC One M8 flagship. In terms of availability, the HTC One Mini 2 will launch in the EMEA and Asia in Gunmetal Gray, Silver, and Amber Gold color options, starting from July 2014, HTC noted. It remains unclear at this point when or if the smartphone will hit the U.S. as well, but the company should offer more details shortly.