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The new V503 PMP created by Nanjing Panda, a company based in China, looks very similar to the Archos AV420. It seems to me that a lot of these Chinese companies like to base their products on American products. Before we saw another Chinese PMP that sports a similar design to the Sidekick.

Anyway, the V503 plays videos in formats including MPEG-1, MPEG-4, DivX4.x, DivX5.x, AVI and DAT. For audio, it supports WMA and MP3, and it also supports JPEG and TXT files. Additionally, it sports a 2.4-inch TFT LCD, USB 2.0 port, a SD memory expansion slot, and comes with a 1.8-inch mini HDD. It also boasts AV-out, audio recording, and a FM radio. Lastly, the company will even give an IR remote.

However, no word on pricing or availability at this time, but expect to be first released in China.

Via [PMP Today]