The original Mix 3 was first announced in China in late 2018, but the new model gains a number of changes to bring it more in line with the 2019 flagship phones.
For starters, the company claimed that its 5G speeds mean it is capable of downloading a 15-minute video in one second.
Available in May, around the same time as the Samsung Galaxy S10 5G, the Mi Mix 3 5G uses Qualcomm's latest Snapdragon 855 processor alongside the Snapdragon X50 modem. It is one of the first devices to do so.
The processor, which Pocket-lint tried and benchmarked using pre-production testing units at the end of last year, delivers blisteringly fast performance and should make the Xiaomi Mi Mix 3 5G one of the fastest smartphones on the market.
Beyond the processor and 5G capabilities, the phone will sport a 6.39-inch 2340 x 1080 FHD+ Samsung AMOLED display with an aspect ratio of 19.5:9.
There is a 12-megapixel AI dual camera on the rear, the same as the non-5G version. For selfies, users get a 24 + 2-megapixel dual camera setup.
Many countries expect to have live 5G services in 2019. Qualcomm is therefore confidently saying that "5G is now".
The Xiaomi Mi MIX 3 5G will be available in May, with a starting price of €599 (£520). It will come in Onyx Black and Sapphire Blue.