The Xiaomi Mi Band ranks as one of the most popular fitness trackers in the world. It isn't oozing with high-end features but it does have enough capabilities to be a respectable band. Its popularity, however, can mainly be attributed to its dirt cheap price.

The Mi Band carried a $15 price tag upon its release. The device can track your steps, calories and sleep patterns. It can also unlock your mobile device or vibrate when your smartphone receives a notification, Wareable reported.

Style-wise, there's an oval-shaped tracking module with matte chrome finish and chamfered edges. Black is the band's default color although buyers can go with a more colorful variant. The device is sleek and simple, just a bland fitness tracker for the everyday health buff.

Now, the latest report from China is claiming that the second edition Mi Band, known as the Mi Band 1S, is just a week away from being unveiled.

According to Anzhuo, with translation from GizChina, Xiaomi will be showcasing the Mi Band 1S at a press event in China on Wednesday, Nov. 11.

The band will carry much of its predecessor's design but will have heart monitoring technology as well as an improved sleep tracker. The optical heart rate sensor is located at the downward-facing side of the Mi Band 1S, presumably to measure the pulse rate of the radial artery on the wrist. Further details regarding the technology have yet to be revealed.

Needless to say, the extra feature will be more taxing on the band's battery life, so expect the Mi Band 1S to have a lower battery life than the original Mi Band. Then again, Xiaomi might prove us wrong in that category.

The Mi Band 1S is expected to retail for the Chinese equivalent of $15. Global availability plus other unreported features will surely be announced during Xiaomi's press event next week.

Revenues of the Mi Band reached 3.1 million in the second quarter of 2015. To further increase sales, The China tech giant has dropped the price to $12.5. Some speculate the price cut was necessary to make way for the Mi Band 1S.

Xiaomi is heavily relying on the success of the newer band as the company's other ventures outside the realm of mobile devices have not been enough to upstage its bitter rival, Huawei.

Huawei recently outpaced Xiaomi as the top OEM in China, but the latter explained that timing played a huge factor on the latest polls.

"We just released Redmi Note 2 in mid-August and Mi 4c in late September, which means our product lineup went through a transition period in Q3 2015, and we had to ramp up supply gradually to meet demand," A representative from Xiaomi told TechCrunch.