The Redmi K20 has been rumoured for a while now, with the name supposedly standing for Killer 2.0, which could be a reference to the often cited phrase Flagship Killer for OnePlus phones.

Following the OnePlus launch the global VP of Xiaomi tweated:

The self-proclaimed Flagship Killer 2.0 will feature the Snapdragon 855 and a 48MP camera while still being affordable. New information suggests that this may launch as the Poco F2 in Western countries.

The phone is expected to land in two variants, similar to the OnePlus and others. The K20 and K20 Pro. Both phones will be made available in China in colours like Blue, Red and Carbon fibres. It is also claimed that these phones will be arriving in four models such as 6 GB RAM + 64 GB storage, 6 GB RAM + 128 GB storage, 8 GB RAM + 128 GB storage and 8 GB RAM + 256 GB storage.

At least one, probably both, phones will be powered by the Snapdragon 855 SoC. The none pro model may use the Snapdragon 730 SoC. Both models are expected to arrive with full HD+ 6.39-inch S-AMOLED with notch-less design. These phones could be equipped with 20-megapixel pop-up selfie cameras.

The rear shell of the smartphone may feature a 48-megapixel triple camera setup with Sony IMX586 primary sensor and an ultrawide lens. Both phones may feature 4,000mAh batteries with support for 27W fast charging. 

A promo video was recently show on Chinese social site Weibo promoting the phone with a video that ties in the the latest Avengers movie. I wouldn assume getting the rights for that would cost a lot so the marketing budget must be quite high