Seems like Huawei won’t let Nokia and HTC ceding the holiday shopping season all alone, as rumor has it that the tech giant is preparing a WP8 device in Ascend-series — dubbed Ascend W1.

While the device’s display panel [shown above] was leaked earlier this morning by a Weibo  user (Chinese Twitter) – soon after another user leaked a set of pictures alongside key specifications on the same social network.

The leaked specs include a 4-inch (800 x 480p) WVGA display, 1.2GHz dual-core processor coupled with 400MHz GPU, 512MB of RAM and 4GB of storage. Other rumored features also include a 5MP back shooter along with VGA front-facing snapper [3MP?], and 2000 mAh battery.

The upcoming Huawei Ascend W1, of course, will run on Windows Phone 8 OS.

Rumored to be announced on Oct 29, the WP8 handset is expected to land in Europe, China and North America before the holidays. By the sound of its specs, we suspect it to be tagged around $300. Though, stay tuned for additional details.

More pictures below after the break: