A chinese company has apparently announced a new cellular phone that looks remarkably similar to Apple's iPhone, according to one report. The new phone called M8 -- which is said to be designed by Chinese firm Meizu -- features touch-screen functionality and boasts a smaller footprint than Apple's iPhone with an accompanying smaller screen, but offers a higher 720x480 resolution than Apple's 320x480 iPhone. The M8 is driven by an ARM11 processor with video codec support, according to VR-Zone.com, and offers a built-in 3.0-megapixel digital camera on the back side with a 0.3-megapixel camera facing forward. The M8 runs Windows CE 6.0 and offers both Bluetooth as well as TV-out connectivity, catering to GSM+TD-SCMA for mobile communication. Pricing and storage capacity for the new phone are unknown, according to the source, though Apple's iPhone will initially sell for $499 and $599 in 4GB and 8GB capacities, respectively.