The Apple Watch 6 will be one of the biggest smartwatches of the year. But Chinese smartphone maker Xiaomi may have a new serious contender in the wearables space as well.

According to XDA Developers (via TechRadar), a new smartwatch named Mi Watch Revolve is not far off. This is based on the Mi Watch Revolve glyph found in a recent update to the Mi Watch companion app and a video by Spanish YouTuber eSavants. The video shows him unboxing a new watch he claims to have purchased from Chinese online retailer AliExpress.

The original Mi Watch was Xiaomi's first smartwatch for non-Chinese users and was released in November 2019. It used a customized version of Google's Wear OS software and had a rounded, square face similar to the Apple Watch 5. However, it offered more technology and features at a cheaper price, including 2-day battery life, blood oxygen (SpO2) and sleep tracking, and LTE all as standard equipment.

Based on the evidence so far, the Mi Watch Revolve is not strictly a new model, but a renamed Mi Watch Color for international markets outside of Xiaomi's home country of China. Although it lacks cellular connectivity, the Color appears to retain all of the same great features as the original, including a surprisingly low price of 800 yuan (about $100 or £90).

Compared to this, the Apple Watch 5's starting price of $400 looks like a bad deal. Fortunately, the Apple Watch 6 is expected to add missing features like sleep and SpO2 tracking.

There is no news on when the Mi Watch Revolve will be available for purchase, but since the Mi Watch Color already exists, it probably won't take long for Xiaomi to get it ready for launch in the UK and US. Meanwhile, the Apple Watch 6 will likely make its debut at Apple's annual iPhone launch event in September, along with the debut of the iPhone 12.