Xiaomi is currently rolling out press invites for an event next week, where the company is presumed to launch its next-gen flagship smartphone, the Mi 5. A successor to last year's Mi Pad tablet is also rumored to be in the mix.

The Chinese mobile maker recently announced that it will be staging a product launch on Oct. 19. The company even posted a promotional ad for the event on its official Weibo account. The banner read: "The next generation of new conference." However, it did not specify what products will actually be launched on the said date.

Taking into account that it's been more than a year since Xiaomi introduced the Mi 4 back in July 2014, it's safe to assume that now would be the perfect time for the company to upgrade its flagship offering.

Xiaomi's Oct. 19 event also corroborated with  a prior NDTV Gadgets report that suggested the Mi 5 will hit the mobile market sometime this November.

With regards to the specs of the Mi 5, Xiaomi Today previously listed the following:

  • 5.3-inch Quad HD (1440x2560) display with 554ppi pixel density
  • 4GB of RAM
  • 16GB or 64GB storage space variants with no support for external expansion
  • 16-megapixel main camera with dual-LED flash and eight-megapixel front-facing shooter
  • 3,030 mAh battery
  • USB Type-C connector
  • Fingerprint scanner

The Mi 5 will retail for ¥1,999 or approximately $316 and will run on Xiaomi's new Android-based MIUI 7 operating system. What is unclear, though, is the processor that will ultimately power the device.

According to Phone Radar, the Mi 5 will sport MediaTek's Helio X20 processor at launch, due to the delay in production of Qualcomm's Snapdragon 820 chipset. Be that as it may, the SD 820 version of the device will still be launched sometime in early 2016 after Qualcomm completes mass production of the said component.

It doesn't really matter at this point since the Helio X20 is no bum. On the contrary, it's the first mobile chipset containing 10 cores and tri-cluster CPU design.

As for the successor to the Mi Pad tablet, renowned Chinese tech analyst Pan Juitang has vehemently stated that Xiaomi will introduce the new Mi Pad 2 sometime around the third quarter of 2015. Even though the period has passed, the company's production launch next week isn't too far out the timetable, Gizmo China reported.

Jiutang also said the Mi Pad 2 will have support for Windows 10 Mobile, akin to the Mi 4. However, that's all the reported specs of Xiaomi's upcoming tablet as of the moment.