This could be exciting news for filmmakers wanting to shoot the now familiar GoPro-style action footage or guerrilla-style shots on-the-go.

As reported by TechCrunch, Chinese tech company Xiaomi has announced a small camera similar to the GoPro Hero, but at a fraction of the price. The design and specs go head-to-head with the GoPro, even out-performing the American-made camera in some areas. At least on paper, according to TechCrunch:

Yi Action Camera (that’s the official English name for the product, Xiaomi told TechCrunch) records video at 1080p (60 frames per second) and includes a 16-megapixel camera that uses Sony’s highly rated Exmor R BSI CMOS image sensor. That’s superior on paper to the Hero, which records at 1080p30 or 720p60 and includes a five-megapixel camera.

Xiaomi also beats the Hero on memory (its 64 GB allocation is twice as large), and weight (it is 72g compared to 111g), while it has a slightly larger battery. Like the Hero, the Yi Action Camera can go as far as 40 meters underwater, which is probably the most important stat for those of us who like to take a camera near water.

The price point is especially interesting for budget-conscious consumers. The Yi Action Camera retails for roughly $64 dollars, compared to around $130 for the GoPro.

Sound to good to be true? Well, it kind of is. The device is being limited (initially, at least) to China. Still, I’m sure some will find it’s way to the US and it will be interesting to see how this will stack up against the GoPro when put to the test.

Check out the TechCrunch article for more info and pictures.