I still don't have any evidence that this ereader is actually available, but it now appears that at least two color ereaders have been announced in China.
The iFlytek eBook is a 6" ereader with an unknown price tag and an unspecified ship date. According to coverage from China, it uses E-ink's new 4,096 color Just Print screen.
Details are rather scare on the iFlytek eBook (which is why I seriously suspect it's vaporware). Everyone is reporting that it has a 24-LED frontlight, support for TTS and music via a built-in speaker, but other details like RAM, CPU, Wifi, and touchscreen tech are still unknown.
What I do find interesting is that several sites mention that the screen has two modes, one for black and white and another for color. Here's the fun part: the color mode is 212 PPI, while the black and white mode is 300 PPI.
I asked E-ink for more info on why there's a difference, but given the current crisis it might take them a while to get back to me.