Well, judging from the first claimed pictures of the cameraphone with the telescopic lens all the way out, it might have achieved that goal. Granted, the Galaxy K here is wrapped in what seems to be a silicon case, but it does look more slimmed-down than the bulky S4 Zoom indeed. We'll know by how much when we get the exact dimensions, of course.
Other than that, the Galaxy K's specs are said to be an upgrade to its predecessor, with a 4.8" Super AMOLED HD display, a six-core Samsung Exynos 5 Hexa SoC, and 2 GB of RAM. The all-important camera part has been improved, too, eventually getting a 20 MP rear-facing snapper with 10x optical zoom and a Xenon flash - an upgrade over the 16 MP camera on the Samsung Galaxy S4 Zoom. The front-facing camera should be 2 MP, while Android 4.4.2 is said to be installed out of the box. What do you think of the design you see in the pics below?