Smartwatch fans everywhere have been buzzing about Xiaomi's possible entrance in the smartwatch scene. Xiaomi co-founder and vice president Liu De has officially confirmed that the company has developed its proprietary smartwatch and that the product is ready for its big debut.

The Xiaomi executive did not provide any additional information aside from the new wearable device possibly launching in the second half of 2016. This news follows the earlier reveal of two new Xiaomi products, the Mi Max smartphone and the Mi Band 2 smart wristband.

Xiaomi is one of China's biggest electronics companies and used to be one of the top five smartphone makers in the world. It slid in ranking the first quarter of 2016, thus prompting the company to take action and expand its product line to tap into a wider market.

Xiaomi's first attempt to enter the wearable device space was in 2014, when it unveiled the wearable fitness tracker, Mi Band. The success of the Mi Band led to the development of Mi Band 2, which is scheduled to launch on May 10. The original Mi Band is popular for its health-tracking features, so users can expect that Mi Band 2 will boast the same features and more. Apart from the release date, Xiaomi has been relatively quiet about the specifications of the new product.

Xiaomi has hinted its interest in the smartwatch scene when it released the Xiaomi Rabbit smartwatch for kids in 2015. However, aside from its GPS tracker and hands-free mode calls, the $46 Rabbit smartwatch offers very limited features. We can only expect bigger and better improvements with the release of the new Xiaomi smartwatch, as the company bids for extra diversity and shows great interest in reclaiming its top standing in the technology department.

In addition, Xiaomi executive Liu De told Gizmochina that the company is also investing in developing electric bikes, as well as walking robots similar to Ninebot. However, he denied rumors that Xiaomi is entering the automobile industry, like its rival LeEco.

Xiaomi's expansion efforts seem unstoppable as it announces 60 additional retail outlets to open by the end of 2016. We can only expect great things from Xiaomi as it undertakes more ambitious projects in the area of wearables, augmented and virtual reality and robotics.