Over the past year, there have been a number of rumors about the Mi Smartwatch from Xiaomi, but the formal announcement of the device's release date has never happened. However, news recently emerged that the device is scheduled to release in the second half of this year.

Importantly, Xiaomi has already hinted that it has a smartwatch in development. This particular news was made public when the CEO of Huami, the company that manufactures Xiaomi's Mi Bands, stated that it would arrive in the second quarter of this year. However, with new reports, it appears that the release has been delayed. The latest news, which was picked up by Gizmochina, point toward Liu De, co-founder and vice president of Xiaomi, informing the public during a conference held in Beijing that the Mi Smartwatch would arrive in the second half of the year.

However, in spite of the smartwatch being featured in a number of rumors over the months, very little is known about its hardware and software. Importantly, the announcement by Liu De is being labeled as the first official confirmation that the Mi Smartwatch is indeed being developed and is ready for release.

The smartwatch market has seen a number of operators entering over the past few years. Among these, the Apple Watch has risen to the top, despite having released only one edition. Meanwhile, this year, the sales of the Apple Watch have cooled considerably, while those running on Android Wear have continued to grow.

It is likely that Xiaomi will be using Android Wear on its smartwatch, and the company recently announced a smartwatch for children with a cheap price tag. Given that Xiaomi's smartwatches and smartphones have a cheap price tag, it is likely that the same tactic will be employed regarding the price of the upcoming Xiaomi Mi Smartwatch.