According to reports, Xiaomi will not equip its next flagship smartphone with a periscope or telephoto camera. Instead, the Xiaomi 12 is tipped to arrive with a 50 MP primary camera, along with ultra-wide-angle and macro sensors.
https://www.notebookcheck.net/The-Xiaomi-12-to-miss-out-on-a-periscope-or-telephoto-camera-as-leaker-reveals-more-camera-details.581045.0.html