In our global economy, one could amend the phrase "nothing is certain in life except death and taxes" to "nothing is certain in life except death, taxes, and knockoffs." The country responsible for half of my existence, China, is knockoff/bootleg Ground Zero, and so it should come as no surprise that the first reports of a RED and ARRI ALEXA clone come from The Motherland. The 2K KineRAW Kinefinity camcorder is like a larger RED (using "KineMAG" SSD drives instead of REDMAG SSD drives) with the size and weight of an ALEXA. It even uses basically the same menu system and display on the side of the body as does the ALEXA (knockoffs are not exactly known for their originality). The camera will record to CinemaDNG or Cineform RAW and will supposedly ship for the "gorgeous" price of $7-8k.
Check out a video of the camera being presented at a Beijing tradeshow at DSLR News Shooter (this is where the "gorgeous" quote comes from). Here's the spec sheet: