We’ve heard a wealth of speculation about HTC’s upcoming scaled-down variant of its flagship smartphone, the M8 Ace, including that it will be yet another Mini variant or will be the company’s latest entry-level handset.

According to a report published by Engadget, the yet-to-be-announced smartphone will offer Galaxy S5-matching specifications for a significantly cheaper price. The report stipulates that the smartphone will cost just CN¥3,000 (around $480) when it launches next month

The M8 Ace is expected to feature a plastic unibody design and be powered by a Qualcomm Snapdragon 801 chipset with a 2.5GHz quad-core CPU. Other notable specifications include a 5-inch 1080p display, 2GB of RAM, 16GB of internal storage (expandable up to 64GB via microSD), a 4-megapixel rear-facing camera, an Adreno 305 GPU and a 1,800mAh Li-Po battery.