While this means that we might not see the Mi 5 announced until later in the spring, the CEO already explained before that "it is worth waiting for," and called it "amazing" when used as a daily driver, which he apparently is doing. Well, long story short, the premise now is to "put greater importance on the user experience and mass production, rather than being first" as per the CEO talk yesterday. This might mean that the company could be both fine-tuning the handset, but also waiting on the ramp-up of Snapdragon 820 production, as there are quite a few handsets that are expected to use it as well, including the Galaxy S7.
Given that the Mi 5 is said to cost the same as the Mi 4 at its launch in China, or about $320, Xiaomi is rightfully anticipating big demand, and may want to ensure sufficient supply of 820s. Qualcomm will be producing the Snapdragon 820 with the latest second-gen 14nm method of Samsung's foundries, which means that there will be slow and steady production creep in Q1, so not everyone that has lined up for the chipset will be getting their millions of orders right after the ball drops at Times Square.