According to a leaked press render on a Chinese website, HTC is currently in the process of developing a scaled-down, more affordable variant of the One (M8), its flagship smartphone of 2014, which is expected to launch on Tuesday, June 3.

Dubbed the ‘Ace’, the handset is rumored to sport a 5-inch Full HD display with a resolution of 1920 x 1080 pixels, a Qualcomm Snapdragon 801 processor, 2GB of Ram and a single 13-megapixel rear-facing camera with optical image stabilization.

As you can see in the leaked image above, the device looks an awful lot like its older sibling, however, it appears to be considerably smaller, only have one rear-facing camera and now has a centralized wake/lock button.

According to several sources claiming to be HTC insiders, the Ace will retail for under $500 when it launches next month and will be available in black, red and blue.

Are you interested in a cheaper variant of the One (M8)? Be sure to let us know in the comments below.

• Sourceifanr