ASUS just launched an affordable new 64-bit 4G LTE smartphone called the Pegasus X002, which looks poised to take on the Xiaomi Redmi 1S.

The dual-SIM ASUS Pegasus X002 just launched in China for CNY 799 (about $129), running Android 4.4 KitKat out of the box and the company's own ZenUI on top.

As GizmoChina reports, the new ASUS Pegasus X002 seems to have the Xiaomi Redmi 1S in sight, as well as the Meizu Blue Charm K52, set to compete in the budget segment of the smartphone market.

"Looks like ASUS is trying to steal the spot light from Meizu today. The Taiwanese giant has just announced a new product in the market called the ASUS Pegasus X002. Unlike the name which sounds mighty and powerful, the device itself would be a mid-ranger but will be priced aggressively to compete with existing budget offerings like Xiaomi Redmi 1S and the Meizu Blue Charm K52," the publication points out.

When it comes to specifications, the ASUS Pegasus X002 features a 5-inch HD display with a resolution of 1280 x 720 pixels and packs a 64-bit quad-core MediaTek MT6732 processor under the hood, clocked at 1.5GHz and paired with 2GB of RAM.

Other specs of the new ASUS Pegasus X002 include 16GB of internal storage capacity, microSD card support for additional memory of up to 64GB, an 8-megapixel rear camera with LED flash, and a selfie-friendly 5-megapixel front shooter. A 2,500 mAh Li-Ion battery keeps things up and running.

Connectivity options, meanwhile, consist of 4G TD-LTE, Wi-Fi, Wi-Fi Direct, GPRS/EDGE, GPS/A-GPS, Bluetooth 4.0 with A2DP, and microUSB. The ASUS Pegasus X002 comes in four color options - black, white, red, and gold.

In terms of pricing and availability, the new ASUS Pegasus X002 is available for for pre-order in China with an aggressive price tag of just 799 Yuan, which translates to roughly $129. The handset may not sport high-end specifications, but it should be more than enough at that price point and is expected to be a popular budget option.

It's worth pointing out, however, that ASUS has not announced any plans to launch the Pegasus X002 outside of China, so it remains unclear at this point when or if the device will hit other markets. The company should provide more details shortly, and we'll keep you up to date as soon as we learn more.