Chinese company Xiaomi just started selling its Android-based MiPad tablet and has already reached an impressive record, selling 50,000 units in just 3 minutes and 59 seconds.

Just recently, the company had announced that it sold 26.1 million smartphones in the first half of the year, and Xiaomi is now at it again with another great achievement: 50,000 units sold in under four minutes. Considering how its products keep flying off the shelves as soon as they become commercially available, Xiaomi's "Apple of China" title may not do it justice.

Xiaomi's MiPad tablet comes with a top-notch set of specs and features and looks poised to take on the iPad Mini, at least in China. Judging by its success so far, it may have a real shot in overtaking its rival.

The Xiaomi MiPad powerhouse is the very first tablet to pack the Tegra K1 processor under the hood, clocked at 2.2GHz and paired with NVIDIA 192 Kepler graphics and 2GB of RAM.

The slate sports a 7.9-inch IPS display with a resolution of 2048 x 1536 at a pixel density of 326 pixels per inch (ppi) and comes with either 16GB or 64GB of internal storage capacity, a microSD card slot for additional memory of up to 128GB, an 8-megapixel rear camera, as well as a 5-megapixel front shooter. A 6,700 mAh battery will keep things up and running and provide good battery life on a single charge. On the software side, the tablet runs MIUI based on Android 4.4.2 KitKat.

If these specifications are not impressive enough, the Xiaomi MiPad also comes with very competitive pricing. The 16GB model of the tablet comes with a RMB 1,499 (about $240) price tag, while the 64GB version goes up to RMB 1,699 (roughly $270).

On the other hand, while the tablet would surely enjoy great demand worldwide, currently there's no word regarding its availability outside of China. It remains unknown at this point whether Xiaomi plans to launch its MiPad on a global scale in the future, but if it does it would give Apple's iPad Mini a run for its money.

For more information about the Xiaomi MiPad, check out the company's product page for the slate at this link.