Charbax caught up with Zhengfang at the HKTDC Hong Kong Electronics Fair (Spring Edition) 2014 a few weeks ago. This ShenZhen-based company showed off a number of cheap smartwatches with prices ranging from $28 to $74, including one which has 2G and 3G connectivity and can make phone calls.
The smartwatches are running Mediatek's software on a Mediatek CPU, and with good reason. Zhengfang is going to be launching a couple Android smartwatches next month, and they will sell for over $100.
In other words Mediatek's proprietary solution is cheaper. This might help explain why Samsung went with Tizen rather than Android Wear on the new Gear smartwatches.