Chinese smartphone maker Xiaomi Inc. plans to unveil a new smartphone tomorrow, July 16. According to reports, the new smartphone to be unveiled is expected to be Xiaomi's anticipated Mi5.

Other speculations also suggest that Xiaomi might launch its Redmi Note 2 handset at tomorrow's event instead. Here's what to expect from both the Xiaomi Mi5 and Xiaomi Redmi Note 2 devices in terms of the specifications and features.

For Redmi Note 2, it was recently revealed that the new phone had just passed through China's TENAA certification along with its specs. Slash Gear reports that what is missing in the list of specs is the fingerprint scanner.

The Xiaomi Redmi Note 2 is expected to come with a 5.5-inch IPS LCD display screen with a 720 x 1280 pixel resolution. It is anticipated to have a powerful 13-megapixel rear camera and a five-megapixel front camera.

On the other hand, Xiaomi's Mi5 is expected to sport a smaller 5.2-inch Quad HD display screen along with a higher 16-megapixel primary camera and a 13-megapixel front camera. However, GSM Arena reports that the phone will actually have a 16-mega pixel camera at the back and a six-megapixel front camera, according to rumors.

In addition, the Redmi Note 2 will run on the previous Android 4.4.4 KitKat operating system, while the Xiaomi Mi5 will run on the new Android 5.1 Lollipop. Under the hood, the Redmi Note 2 will pack a Qualcomm Snapdragon 410 processor, 2GB RAM, 8GB internal memory and a large 3100 mAh battery, according to earlier rumors.

A recent report says the Redmi Note 2 will actually be available in two different models. One will pack a MediaTek processor while the other will have Qualcomm's Snapdragon 615. For the battery, the Redmi Note 2 will be powered by a 3020 mAh battery.

The Xiaomi Mi 5 is expected to pack a Snapdragon 810 processor and a 3000 mAh battery.

Android Headlines recently claimed that new details have emerged in regards to how much the Redmi Note 2 will cost. The report says it will cost US$130.

It's still unclear which handset the Chinese company plans to unveil tomorrow, but many are confident it will be the Xiaomi Mi5.