It's Tomy's classic Super Sonic!
And...he looks a lot better than the prototype that was previously shown. The face is better structured & so is the expression. But, what's wrong with the spikes? The top one doesn't look like it is pointing up properly in this photo. He's shown here at a toy-show, so there still may be time to correct the pattern. ALL the spikes need to be pointing upward for it to be a real "Super Sonic". Sure the ears are a bit tiny, but at least he has ear borders. The gloves also look like the finger-lines are missing. Hopefully this is another (better) but still unfinished doll.

Tomy's Classic Style Super Sonic small plush is released! And you can see a fan photo in the gallary. In early summer 2018, this small size doll appears in stores. You can compare it with Tomy's own toy fair photo in this article cover image. 

He did, in fact, get a few minor improvements it seems before he hit retail store shelves. They did add finger details (though they're very tiny) to his gloves. The shoe buckles appear to be embroidered details & his socks are a little more proportional. The top spike still isn't "up" enough, but his others seem more elevated as it should be for the look. As you can see, with the finger in the photo, this isn't a very large plush at all. Considering the size & the improvements, it's still a decent enough collectible & super Sonic is scarce anyway. The tag is a simple stock art portrait in an orange swirl with the classic logo. It's simple, but that's the idea they are going for here.