It appears that Xiaomi is gearing up to launch a new version of its popular wearable device, the Mi Band. The company’s CEO has teased what might be the Mi Band 3. It’s about time that the company came out with a new wearable activity tracker as the current model was launched over two years ago. There’s likely going to be a lot of interest for this product as both the Xiaomi Mi Band and Mi Band 2 performed very well in the market.

Xiaomi CEO Lei Jun teased the Mi Band 3 at an event where he said that “We look forward to the new version of the Xiaomi band.” That can pretty much be taken as a confirmation that the company will soon release its new wearable activity tracker. A device believed to be the Xiaomi Mi Band 3 recently received Bluetooth certification which also flared up rumors that Xiaomi might soon announce a new wearable product.

Reports suggest that the Mi Band 3 is going to have an OLED display with the ability to display heart rate data, time, step count, calories, and other useful information.

It’s unclear right now how much the Mi Band 3 might cost when it does arrive. Given that both its predecessors cost under $30, it’s quite likely that this basic activity tracker would be similarly priced as well.

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