This is allegedly the Nokia Moonraker, a smartwatch that the company was moving towards production before it was bought by Microsoft last year. Apparently it was canned because of a potential conflict with Microsoft's Band. That's a shame because this looks a lot more smartwatch and a lot less fitness band.
Whilst smartwatches haven't necessarily proven that they have a role on your wrist when compared to normal watches, as a platform Windows can't really hope to compete without having an offering and this could have been a good start.
Microsoft needs to consider whether the clunky Band is enough of a presence in the wearables market. The Moonraker looks like a product that needs further investigation. Please.