iQOO has already launched the Z5; now, a new phone with a very similar name is coming. The brand has confirmed this device will launch in late 2021. It is destined for a MediaTek processor rather than the Qualcomm platform of the Z5; however, the upcoming variant will still have 5G.
https://www.notebookcheck.net/The-iQOO-Z5x-is-coming-with-a-mid-range-Dimensity-processor.573635.0.html