There aren’t any details about what we should expect from the device, so we don’t know if Lenovo is planning to go for customers who are looking for cheap smartphones, or for users who can afford to pay more than several hundred dollars for a handset.
Reportedly, Liu Jun also told Mobile Geeks that Lenovo intends to release wearables in the near future. Of course, in a way Lenovo will have a wearable anyway in the Moto 360 (as the company is about to acquire Motorola Mobility), but Liu Jun was talking about Lenovo-branded wearables. These could be introduced in late 2014, or early 2015 - and that's all we know about them at the moment.
P.S.: The handset seen above isn't real, it's a mock-up made using the Android-based Lenovo Vibe Z.
source: Mobile Geeks (translated)