The confirmation came via a Weibo post from Xiaomi's CEO, Lei Jun, stating that the company has been testing the device for the last two to three months and finding it to be better than the previous two versions. Similar news came from Xiaomi's senior vice-president, Wand Xiang on Twitter.

Mi Band 3 is also coming on 31 May, along with #Mi8 and #MIUI10. Do stay tuned! #Xiaomi pic.twitter.com/xIGRBW0Z42

— Wang Xiang (@XiangW_) May 28, 2018

In case you missed it, Xiaomi has scheduled a big event in Shenzhen, China, where the company is expected to unveil its flagship Mi 8 smartphone and the new MIUI 10 OS.

The Xiaomi Mi Band 2 was quite a popular device, mostly due to its low price and earlier rumors suggested that the successor could have a better display with 2.5D curved glass on top of it, lack a physical button, have support for both Bluetooth 4.2 and FNS and be IP67 certified, meaning it will be dust and water resistant. A similar device has been previously spotted on Lei Jun's wrist at the Blackshark gaming smartphone unveil event. 

It is all about the price

A fresh rumor coming from BGR.in site suggests that the price could be set at RMB 169, which converts to around $26. This would be a big deal as it would be priced about the same as the Mi Band 2 and could score high sales numbers.

In any case, all eyes will be on Xiaomi's Shenzen event on May 31st as the company has a lot to show.