Chinese technology company Xiaomi is said to have been developing its own smartwatch. While this rumor have been around since 2015, the company has finally confirmed that it will be launching the wearable device later this year.

According to Gizmo China, speaking at a conference in Beijing, the company co-founder and Vice President Liu Di said that the smartwatch will be introduced in the latter half of the year. No other details has been provided about the product.

Like Us on Facebook

However, the upcoming watch is not the Chinese company's first foray into wearable technology field. The company already has Mi Band, a fitness tracker. It will be presenting the next iteration of Mi Band at its upcoming May 10 event. The company will also launch its MIUI 8 OS at the same event.

The technology giant has also introduced a new smartwatch for kids which is priced at 299 Yuan ($46). The watch comes with many kid-friendly features such as one-touch phone call capability and panic button. Apart from this, it has a Mi Bunny feature path recording and route tracking capabilities. The device also sends notifications as and when the child enters or exits from "safe zones."

The company's vice president stated that Xiaomi is looking to develop products for short travels.

Valued at over $45 billion, Xiaomi is going ahead to widen its presence in the tech markets across the globe. The company is planning to open new brick and mortar outlets this year. According to Liu, the company is on its way to create 60 new outlets by the end of the year.

TagsXiaomi, smartwatch, Mi Bunny, Mi Band, Mi Band 2