"Xiaomi new product launch event is coming on Aug 13, 2015! And it's confirmed, MIUI 7 will be released!” the official blog stated.
MIUI 7 is likely to be based on Android 5.1.1 Lollipop and users are hoping for new features and more customization. In addition, Xiaomi may also its much-awaited smartphone Mi5 on the same day. The latest handset may come with 4GB of RAM and the Snapdragon 820 chipset. Xiaomi Mi5 features 5.5 IPS LCD inches display with 1440 x 2560 pixels of resolution.

The device is clocked at Quad-core 2.7 GHz Krait 450 processor paired with Adreno 420. It comes coupled with 4 GB worth of RAM. On the memory front, it gets 32 GB of internal storage memory capacity which is non-expandable.

The handset will run Android  5.1.1 out of the box and will come with fingerprint scanner. Mi5 will be launched with the Lollipop version of MIUI, MIUI 7.

Mi5 will carry a 16-megapixel flip side camera and a 6-megapixel front snapper for selfie lovers. It gets Wi-Fi 802.11 a/b/g/n/ac, dual-band, Wi-Fi Direct, DLNA and NFC for connectivity options. Xiaomi Mi5 is backed with 3,030mAh battery.