The Xiaomi 12 Ultra has been long-mooted, with the Xiaomi 12 and Xiaomi 12 Pro already available globally. However, a new leak suggests that there will be no Xiaomi 12 Ultra at all, which was thought to be the MIX 5 or MIX 5 Pro at one stage. Instead, Xiaomi's next Ultra will slot in nicely among the Xiaomi 12S and Xiaomi 12S Pro.
Incidentally, a hands-on photo of either the Xiaomi 12S or Xiaomi 12S Pro has already leaked, covered separately. According to @RODENT950, Xiaomi's next Ultra smartphone will look like the Xiaomi 12S and Xiaomi 12S Pro, which appear to resemble the existing Xiaomi 12 and Xiaomi 12 Pro. Unsurprisingly then, the leaked image below puts forward the name Xiaomi 12S Ultra, rather than Xiaomi 12 Ultra.
As far as we can tell, the name 'Xiaomi 12S Ultra' has not been manipulated or photoshopped. Arguably, releasing the device under the Xiaomi 12S series makes sense, considering the expectation that it will rely on a newer SoC than the Xiaomi 12 and Xiaomi 12 Pro. The Snapdragon 8 Plus Gen 1 is believed to power the Xiaomi 12S and Xiaomi 12S Pro too. Also, the Xiaomi 12S series is rumoured to feature Leica-tuned cameras, another feature of the Xiaomi 12S Ultra.
Separately, invite cards for the 12S series launch have surfaced, signed by Lei Jun and Andreas Kaufmann, CEO of Xiaomi and Chairman of Leica's Supervisory Board, respectively. As the photo below shows, the invite cards contain the tagline 'The defining moment. The new era', a phrase that Xiaomi used when it announced its collaboration with Leica.