Huawei just showcased its Ascend W2 smartphone in China, offering official press specs and confirming it will be a low-cost Windows Phone 8 handset.

The Huawei Ascend W2 launches as the company's second-ever Windows Phone handset, making its debut on Wednesday, June 26, at the Mobile Asia Expo in China.

According to the official spec sheet, the new Huawei Ascend W2 will sport a 4.3-inch WVGA display, 512MB of RAM, 8GB of internal storage with a micro SD card slot for additional memory, a dual-core Snapdragon S4 processor clocked at 1.4GHz and, of course, Windows Phone 8 running the show. The smartphone will launch in at least three color options: black, red and yellow.

While the specs are far from impressive, they fall in line with expectations of a low-cost Windows Phone 8 smartphone. Huawei made no mention of pricing yet, but previous rumors indicated that the Ascend W2 WP8 smartphone will cost less than $300.

The company has yet to announce its new Ascend W2 for international markets, but the handset should launch globally soon enough. When it does make its way around the world, however, the Huawei Ascend W2 will likely face some tough competition on the Windows Phone 8 battlefield, as Nokia's Lumia 620 and Lumia 520 are both quite neat entry-level Windows Phone 8 smartphones that cost less than $250.

The smartphone market is becoming increasingly competitive with each passing day, whether it's the high-end of the market or the low-end segment. Low-cost, entry-level smartphones target the more budget-conscious consumers and first-time smartphone buyers, offering modest specs and features for an affordable price tag.

Huawei doesn't deny the fact that its Ascend W2 enters the low-end of the market, but the device itself is actually not that bad. It does pack modest specs, as expected, but it also has some neat features such as a glove mode for the touchscreen, allowing users to easily operate the smartphone on cold winter days. The less-than-$300 price tag is not confirmed, but such specs shouldn't carry a higher price, especially since Nokia already jumped the gun with its cheap Windows Phone 8 low-end handsets.