UPDATE: It has been discovered that this image is actually a children's fitness tracker currently available in China. Still no word on the Mi Band 2 at this time.

Fitbit might be the king of wearables, but that's not deterring Xiaomi, a popular Chinese upstart, from making a challenge. Xiaomi has already managed to sell millions of its $15 Mi Band, and it appears as though the company is ready to introduce a more powerful successor.

A leaked render reveals the company is set to introduce an even better fitness tracker, complete with a touchscreen, and, sources say, NFC. If it stays cheap, the Mi Band 2, or whatever it winds up being called, could be the device to beat. Given Xiaomi's track record, I don't expect this thing will be over $50.

The current Mi Band is a small bracelet that contains a tracker capable of collecting sleep and fitness data, and it can even serve as a way to unlock your Android device. It also featured an IP67 water resistance rating, along with smart alarm functionality. At such an affordable price, it's a terrific deal. Contrast the Mi Band with more expensive activity trackers, and it's easy to see why it's such a draw.

No official word on how the new Mi Band will differ from the old one other than the supposed touch screen. The company's first Mi Band is nearly a year old now, so it's definitely getting up there in age. Combine that with the fact that a render has leaked out, and, yeah, you get the idea; a new Mi Band looks imminent.