The next installment in Xiaomi’s budget-oriented Mi Band fitness trackers in already in the works. That’s according to the CEO of Huami, the Chinese tech company that designs and develops Xiaomi’s wearable devices. Speaking to investors at the company’s Q2 earnings call earlier this week, Huang Wang said that the Mi Band 5 is already in development and, is expected to be launched next year.

According to Wang, “we do not have a fixed time when we are going to launch Mi-Band 5. But I would say that we have already started working on Mi-Band 5 with Xiaomi and it is not going to take that long. So we just launched Mi-Band 4, but potentially towards the end of next year, we may launch Mi-Band 5”. There’s no more info on the Mi Band 5 right now, given that development is still likely in its early stages.

Apart from its collaboration with Xiaomi on the Mi Band devices, Huami is also known for its Amazfit smartwatches that have carved out of niche for themselves in the budget smartwatch segment in countries like China and India. The company recently unveiled the Amazfit GTR smartwatch in its home country, and it is expected to be launched August 27 in India.

In case you didn’t know it already, Xiaomi launched the Mi Band 4 last June in China. The device ships with a 0.95-inch colored AMOLED touchscreen display, AI assistant integration and improved fitness tracking. There’s no word on when it will come to India, but one would hope that it happens sooner rather than later.