It is now rumored that Chinese smartphone maker Xiaomi Inc. might be planning to unveil a new smartwatch device this coming November, according to recent reports.

Reports say the new rumor, which also mentioned the new smartwatch's specifications and features, came from Chinese social media website Weibo.

Also, earlier this year it was revealed that Xiaomi has been working on an unknown smartwatch device that was expected to take on the likes of the "Apple Watch." However, nothing has been confirmed yet since this rumor started, and the Chinese company hasn't announced anything as well. First Post reports that this smartwatch was expected to sport a round design, similar to Motorola's "Moto 360."

The rumor says that the new Xiaomi smartwatch is expected to sport a 1.3-inch display screen with an unknown pixel resolution. Also, it's unclear whether this device will have a round design as well.

In addition, the smartwatch is expected to be powered by a Qualcomm Snapdragon 410 processor, and will pack a 512MB RAM, and 4GB internal memory storage. The new leak hasn't mentioned anything about the operating system (OS), but International Business Times India says it might be run on Android Wear OS.

Gizmo China reports that the watch is expected to cost almost US$100, according to speculations.

If the new rumor is indeed accurate, this won't be the first wearable device to be launched by Xiaomi; the company has already released its Mi Band fitness device last year at a launch event in July.

Another Chinese company that's also planning to release a new smartwatch is Huawei Technologies Co. Ltd., which is expected to develop and release its first ever smartwatch. It has been also reported that South Korean giant Samsung Electronics Co., Ltd. is also preparing to unveil its new "Gear A" smartwatch by next month along with the Galaxy Note 5.