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[Representational image] A file photo showing a man walking past the Xiaomi's Mi logoREUTERS/JASON LEE/FILES

Xiaomi is reportedly planning to launch its new-generation flagship smartphone next week.

The new device launch poster, now in the hands of Times News, has indicated that the Chinese company will host an event on Wednesday, 11 November.

In the graphic poster, we see the front side of a smartphone (bottom right) hiding behind a crimson curtain with big white question mark, teasing fans to guess what the new phone will be.

"MI Dual 11, This time we play the big! New phone finale debut at 0:00 on November 11," reads the invitation (translated), almost confirming that Xiaomi will a launch new flagship device on Wednesday. But, there are no specific details with regard to the phone' name.

What will Xiaomi announce on 11 November?

We have two theories in mind on what might be unveiled on Wednesday.

First, we think the company might unveil the Mi5, which is actually due for launch since July.

[Note: Xiaomi Mi4 was launched in July 2014]

Rumours were rife that Xiaomi Mi5's launch got delayed due to the unavailability of the device's main component — Snapdragon 820 CPU. Now, it looks like Xiaomi might have received the chipset consignment from Qualcomm and the device is ready for launch.

Another possibility is Xiaomi might pull the wraps from the speculated Mi Edge, the company's answer to the Samsung Galaxy S6 Edge.

It was tipped for release in October, but never materialised.

There is a slight possibility Xiaomi might actually launch both Mi 5 and Mi Edge on 11 November.

It has become a trend in the industry for smartphone-makers to announce two new smartphones in a single event. For instance, tier-1 brands like Samsung, Apple and Google have launched Galaxy S6 (& S6 Edge), Note 5 (& S6 Edge+), iPhone 6S (& 6S Plus) and Nexus 5X (& 6P), respectively, this year.

Japanese consumer electronics major Sony went a step further by announcing three Xperia Z5 series smartphones.

So, we won't be surprised if Xiaomi decides to showcase two new devices next week. Even the word 'Dual' in the Xiaomi's launch event title- 'Mi Dual 11' subtly hints at this.

Expected features of Xiaomi Mi 5:

Xiaomi Mi5 is said to sport a 5.2-inch QHD (2,560 x 1,440p) display with Gorilla Glass 4 shield, and ships with 4GB RAM, 16MP main camera, 13MP front-snapper and a 3,000mAh battery.

One noteworthy feature of Mi5, which is turning heads, is the phone is expected to house Qualcomm's Sense ID-based biometric technology. It is a 3D fingerprint system, said to be more advanced than the one present in the current crop of tier-1 brands like Apple and Samsung phones.

Read more: Everything you need to know about the 3D fingerprint security technology

Expected features of Xiaomi Mi Edge:

Xiaomi Mi Edge is expected to flaunt a Sharp-made 5.2-inch dual-edge 2K (2560x1440p)-resolution display, wherein the screen will extend towards the edge on both sides, similar to Samsung's new Galaxy S6 Edge series.

Under the hood, it is expected to house a 64-bit class Qualcomm Snapdragon 808 Hexa-core SoC (System on Chip) backed by 3GB (or 4GB) RAM. It is also said to boast fingerprint-based security features and a 16MP camera (probably with Optical Image Stabiliser) on the rear side.

Read more: Mi Edge: Xiaomi's answer to Samsung Galaxy S6 Edge tipped to debut soon; key specs, price leaked