Last year, they launched their own Xiaomi phone with the MIUI ROM on top, and it seems they've been fairly successful with it, as they've just announced a $216 million investment in their company. Moreover, leaks are pointing out to a next-gen quad-core smartphone with a 720p display, coming soon from them.
The chip on the rumored phone comes from Qualcomm, and since the only quad-core processor they've announced for this year is the S4 Pro with the Adreno 320 GPU, that's most likely what the high-end Xiaomi will have. The device doesn't seem to have a front-facing camera, but the pricing might make up for it. The rumored price is just $300, which would be significantly cheaper than Meizu's $480 quad-core phone (Exynos 4 Quad chip), Meizu being Xiaomi's main local rival.
The OS version will most likely be Android 4.0, but if they won't release the new quad-core device soon, it's possible that Xiaomi will be able to upgrade it to Android 4.1. Even if it's released with Android 4.0, i'm sure Xiaomi will release the Jelly Bean upgrade soon after, because they just love playing with custom ROMs and the latest versions of Android.
From the pictures, we can see that Xiaomi is following a trend that not many manufacturers have adopted yet – making stylish, yet colorful phones. I think that people want to have different colors on their phones, but so far, most manufacturers are still only choosing the safest colors, like black or white. Actually, not too long ago they probably thought the white color is pretty “daring”, but now it almost seems necessary for all phone models.