Back on June 5, Xiaomi submitted an application for registration of the Xring O2 trademark to the China Trademark Office and it is currently at the stage of “awaiting substantive consideration.”
Recall that in May of this year, Xiaomi’s own Xring O1 processor was released, which showed decent performance and attracted a lot of attention, and the Xring O2 trademark indicates that Xiaomi is already working on a proprietary second-generation chipset.
However, in early June, information appeared online that the US authorities had banned Xiaomi and other Chinese developers from creating processors better than 3nm, which we discussed here.
In theory, it may happen that Xring O1 will be the first and last platform capable of competing with solutions from Qualcomm and MediaTek, but this is unofficial information and you shouldn’t really trust it.