It shows what seems to be Xiaomi's first foldable smartphone. Now, Xiaomi recently showed a foldable phone on video, but we've learned little since then about the device's specs and features. This new patent application, however, suggests that the foldable phone might have triple rear cameras, complete with a vertically aligned camera module with cutouts for three lenses.
The foldable phone patent, first spotted by @Xiaomishka, shows a tablet-like device with a dual-hinge design. It's similar to the foldable phone that Xiaomi President Lin Bin showed off and made an appearance in a teaser video shared by Xiaomi. None of the leaks so far detail the phone's cameras, but the illustrations in Xiaomi's patent application indicate triple rear cameras.
Interestingly, there isn't a cut-out for the selfie camera in any of the patent images, nor do they appear in Xiaomi's teaser videos. Xiaomi may be planning to add an under-display camera; the phone appears to be quite thick, so it's certainly possible. If you want a better look at this device, Letsgodigital made renders of the device based on the sketches we've seen so far.
It is unclear when is Xiaomi planning to announce this smartphone. Our best guess is Xiaomi will wait until the end of the year.