It is not a new replica, actually the watch was already published by G factory one month ago. Do you know G factory? It is called GF on the forums and vairious websites, this factory was very small before and only made replicas of some Breitling models, now its business covers a lot of other brands, their quality is recognized by more and more people. This Jaeger LeCoultre replica watch, actually a lot of factories made it before, such as MG, YL, AZ, etc., but none of them made it with correct thickness. Before, among these factories, the best one should be from AZ. For this Jaeger LeCoultre watch, it is not as popular as the moonphase model, but the need of people for this watch is still large. So, GF unveiled the replica, and finally made the case thickness correct.
Check the case size, the difference is there, you will see that the GF version is much thinner, it is only 9.9mm, which is the same as genuine. About the finish, the Jaeger LeCoultre Reserve De Marche from these factories is almost same, in my opinion, as long as the watch factory has a little reputation, their watch finish will not be bad, unless you pursue the ultimate quality level on case and bracelet finish, then you need to choose from those biggest factories such as ARF, Noob, JF.
The difficulty to make this replica with correct case thickness lies in its movement. In our market, those movements with fake plates are also to be eliminated, if watch factories still want to occupy a certain position in this field, they need to do some innovation on the movement, some improvements must be done, just what VS factory did on the movement of their PAMs. We know VS is the No. 1 factory in this industry to make Panerai replicas, they almost monopolize all production of Panerai replica watches, and there are no competitors, the main reason I think is that they developed their Super Clone P.9000 movement, this is a movement that is not modified on basis of another Chinese or Japanese movement, it is cloned by VS factory, the movement component is exactly cloned from that of genuine P.9000 Calibre. Actually the factory need to pay a lot of money to develop such type of super clone movement. I believe that GF made the same great efforts to produce this 938 movement.
By the way, for the new Submariner 41mm models published in 2020, EW factory now has a full collection, if you are interested in, please let me know.