Lei Jun, Xiaomi founder and CEO
Lei Jun, Xiaomi founder and CEO, speaks at a launch ceremony for the Xiaomi Phone 4 in Beijing in 2014. Reuters/Jason Lee

Xiaomi is scheduled to hold a special event in a couple of days that might lead to the simultaneous unveiling of three new devices, including a feature-packed but budget friendly smartwatch.

Chances are Xiaomi plans to take the wraps off its very first smartwatch, which might carry the name Mi Watch, at the event, according to Tech Times. That said, it’s expected Xiaomi President Lin Bin will reveal more key details about the upcoming wearable device alongside the Mi Pad 2 and the Redmi Note 2 Pro.

It must be noted, however, that Lin -- or anyone from Xiaomi for that matter – hasn’t confirmed a smartwatch is indeed going to be introduced during the November 24 event. Nonetheless, a leak has claimed Xiaomi is going to launch the Mi Watch on that date.

Trusted tech tipster, Leaksfly, revealed on Weibo the Mi Watch will be out on November 24. Unfortunately, no further details such as the device's specs, price and software information were provided aside from the expected launch date.

Considering the market for wearable devices is growing, Xiaomi is clearly cementing its spot as a notable competitor, especially if the Mi Watch will be marketed as a state-of-the-art smartwatch at a budget-friendly price, which is Xiaomi's signature fashion.

It’s also worth noting Xiaomi might name the product Mi Watch. Since it’s the company's very first smartwatch, calling it the Mi Watch is a safe bet.

Xiaomi already has two very successful wearable devices in the market today, the Mi Band and the Mi Band 2. The Chinese company's decision to take part in the smartwatch race would make sense. Since Leaksfly didn’t give away any key details about the upcoming device, the Mi Watch is expected to either feature Android Wear or a tailored version of its own MIUI.

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