This would appear to be the latest phone in Oppo's R1 series. Earlier this year, the manufacturer released the Oppo R1S which carries most of the same specs featured on the new model. The differences include the quad-core 1.6GHz Snapdragon 400 CPU that drives the Oppo R1S, and the 1GB of RAM inside the phone.
Oppo's event will be taking place just one day before Xiaomi is set to make its new product announcements. On Thursday, we expect to see the fast growing smartphone manufacturer introduce the Xiaomi Redmi Note 2 and possibly the Xiaomi Mi5. Photos allegedly snapped using the latter's rear camera leaked earlier this morning.
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source: Weibo, MyDrivers (translated) via GizmoChina