What has been almost confirmed thanks to various insights, now is official. Xiaomi's co-founder and Senior VP Wanqiang Li has confirmed that their next-gen flagship device, the Mi 5 smartphone, will arrive with Qualcomm's high-end chipset, the Snapdragon 820 chipset.

In addition, he added that the Mi 5 has entered mass production and there will be enough stock when the handset launches. The launch date is sometime after the Chinese Spring Festival, which is scheduled for next month.

The company's CEO Jun Lei has said that the phone is "worth waiting for" and that he has been using it for quite some time.