A little keyring-sized stick, it aims to stop you misplacing that iPhone 4 that hopefully will also be under the tree.

Tethered to your mobile phone by Bluetooth,the i-migo will let off an alarm if your phone gets more than 30ft away from you. If you leave your phone in the back of a taxi, or it gets stolen, the device could be a life saver.

It can lock your phone so no one else can use it and even notify your mobile network that they should start tracking it using GPS. And if you do not get the phone back – all your phone numbers and other data is stored on the i-migo itself so you have not lost those too.

Data Transfer & Communications, which make the device, has patents on the technology in the US, Europe and China.

It is now facing the challenge of finding the right Chinese partner a Chinese manufacturer who will help them sell the product in the middle kingdom and who will not start churning out i-migo clones on the sly to sell on the grey market.

“We feel there is a very clear need for it in the China market,” says Mike Midgen, the head of sales and business development, pointing to the rapidly-growing smartphone sector. An iPhone in China can cost up to 50pc more than anywhere else so users are even more reluctant to part with them.

But there is always the chance that the device, if popular, could quickly be copied. “The simplicity and straightforwardness of the intellectual property means you could replace individual functions,” admits Mr Midgen. “It is a huge challenge. We are not leaving samples anywhere. We have to move quickly with the right sort of partner. Speed to market is essential,” he adds.

But the company is realistic. “At the end of the day, it is going to be manufactured somewhere in China. There’s been significant investment in getting the company to where it is now. We will have to be cautious about the risks, but I’m sure there is going to be a good position for us in the market.”

He has not found the right firm yet, so it will be a race to get the i-migo out for the holiday season. And hopefully a Chinese pirate grinch will not steal their Christmas.