Is this what Xiaomi's folding phone looks like? Leaked photos show it in use
The device in the pictures is indeed clearly not a final product, with rather large bezels and crease, and most notably, no front-facing camera. The latter in particular could be due to the device's prototype status, or less likely, Xiaomi has implemented under-display selfie camera technology into its seemingly-plastic display. On the left side of the device there's a visible slot that resembles a stylus holder.
If this is a foldable smartphone and not a tablet, it could be the largest folding phone we've seen yet, as at least in its current state, it appears to be larger even than an iPad mini. The device also doesn't look similar to Xiaomi's folding smartphone patent from October. That latest patent showed a folding phone more akin to Samsung's Galaxy Z Fold 2 and Huawei's Mate X foldables.
In related news, Xiaomi just recently joined other Chinese companies such as Huawei in getting blacklisted by the U.S. administration, so whether this folding device makes it to market or not, U.S. citizens could have a hard time getting a hold of it.