Xiaomi dynamics are about as unpredictive of its future success as a given cryptocurrency's exchange rate. At least there's less buzz here.
Xiaomi has a reasonable average quality and a few consistently interesting product lines (I myself enjoy using Mi 5s and will probably change it for Mi 7), and a ton of... strange... gimmicks. When they were being enthusiastically buried by various news outlets, I didn't consider it a real thing, neither do I put any stock in this renaissance. I would be a little surprised if they go bankrupt in 5 years, somewhat less so if they displace Huawei. They already have earned a certain place in market.