The Huawei Watch is receiving a new OTA update with the build number M9E42C. This is an stable release based on Android Wear 1.5, not the Android Wear 2.0 preview build. Full software version of the update is 126.96.36.19994574.
The update also installs a new Google Play Services app with version number 10.0.84 (530-137749526). Apart from that, the details about the update are scarce, except that this one also installs January security patch. It is most likely a minor update that installs new Google Play Services and fixes some more security bugs.
A previous update to the Huawei Watch added a new Watch face, new ringtones and a color display for the Energy Saving mode. It also fixed plenty of important issues, such as Bluetooth disconnection, red tint, random restarts, etc.
Android Wear 2.0 preview is already available for the Huawei Watch. The preview adds plenty of new features and brings several improvements. You can manually download the preview build and install it on the Watch. A stable release is still going to take a while, but should be released by Q1 2017.