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(Pocket-lint) - Xiaomi is thought to be developing a new smartphone that folds inward vertically.

According to information from a Weibo tipster known as Digital Chat Station, the Chinese company is working on a new foldable phone that will be priced like a "mainstream flagship" smartphone. It could be powered by the Qualcomm Snapdragon 8 Gen 1 SoC, and it might pack a 50-megapixel main camera in a primarily thin-and-light clamshell body.

Other rumoured features include a display with FHD+ resolution and a 120Hz high refresh rate. Keep in mind, if this is true, it still wouldn't be Xiaomi’s first folding smartphone. Xiaomi has the Mi Mix Fold (pictured above), for instance, although it's a China-exclusive handset. It's also unclear if this new Xiaomi clamshell foldable will roll out worldwide when it launches.

If it does, it will probably compete with the Samsung Galaxy Z Flip 3, which has a $1,000 price tag in the US. Amazingly, at that price, it's still one of the cheapest foldables you can buy.

Best smartphone 2022: We test, rate and rank the top mobile phones available to buy

For a look at the best foldables you can buy now, see our guide here. Pocket-lunt also has roundups of the top upcoming foldables and also best smartphones coming down the pike. 

Writing by Maggie Tillman.