The Mi Watch Lite may look like the Redmi Watch which was announced a few weeks before it but both wearables are different. Apart from their names and of course, the regions where they are sold, they also have different features. This post highlights the differences and should also help you decide which of the two you should purchase.
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https://www.gizmochina.com/2020/12/12/how-the-mi-watch-lite-differs-from-the-redmi-watch/