NEW YORK (TheStreet) -- Shares of GoPro (GPRO) - Get Report are rebounding, up 0.93% to $40.30 in late afternoon trading Tuesday, after the stock fell in yesterday's session closing lower by 4.88% on reports that Chinese company Xiaomi launched the Yi Action Camera, a waterproof portable camera to rival GoPro, according to the Wall Street Journal.

The Yi camera is currently available only in China, but is being sold for $64, half the price of the least expensive entry-level $130 GoPro Hero.

The Yi even matches the GoPro Hero's specifications. Both cameras have built-in Wi-Fi for file transfers and remote control via companion apps. They both have similar battery capacity, the same waterproof depth of up to 40 meters underwater, and the option of bracket-mounting the camera, the Journal noted.

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In terms of video quality, the Yi is better. The Yi Action Camera has a 16 megapixel camera that can record high-definition video at 60 frames per second, compared to the GoPro Hero's 5 megapixel camera and video recording of 30 frames per second, the Journal added.

GoPro, formerly Woodman Labs, develops mountable and wearable cameras as well as other hardware and software products to help consumers more easily capture, manage, and share their content.

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