The fast growing Chinese company Xiaomi may be launching its first smartwatch on Tuesday, March 31. Multiple reports claimed that Xiaomi will be holding a lavish event to unveil its newest products. The company teased that there will be "big surprises" to celebrate its fifth anniversary.

Xiaomi's first ever smartwatch will reportedly compete with the army of wearables in the market by targeting the "budget conscious" market. It was said that Xiaomi's smartwatch will rival Apple Watch in both specs and design.

"Lei Jun, CEO of Xiaomi, will be having a conversation with some invited domestic tech media and launching new Mi product(s) on 31 March," the company said in its online forum.

According to Forbes, the Xiaomi smartwatch will feature a round display and brushed metal build to cater to the demand for traditional watch design. The new device was also rumored to come with a sensor, including one that could measure your pulse. The Xiaomi smartwatch will also ditch Google's Android Wear operating system and opt for a customized MiUI. Details on the size of smartwatch and its resolution have yet to be confirmed.

Meanwhile, IB Times, reported that Xiaomi smartwatch will come with fitness tracking capabilities, such as heart rate sensor, steps counter and a blood pressure monitor.

Meanwhile, some also speculate that, apart from its new smartphone, Xiaomi will also use the event to unveil new mid-range smartphones.

Some websites, however, claimed that the Chinese company might be looking at other products other than smartphones. Last year, Xiaomi released an air purifier, a smart TV, Mi Note phablet and the Mi Band fitness tracker. Back in September, the company also launched a blood pressure monitor after investing more than $25 million into Silicon Valley-based iHealth labs. It would be interesting to see how the partnership would translate into Xiaomi's future wearables.