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According to the report, Xiaomi's 'Pinecone' processor could launch 'within a month,' a move that'll be in sync with the company's Mi 6 flagship smartphone's launch. Although online rumours have indicated that the Mi 6 will come with a Qualcomm Snapdragon 835 chipset, a variant powered by 'Pinecone' chipset may launch alongside it as well.

It's been said that the new chipset could debut with the upcoming Mi 5C. However, there's no word as to how the processor will perform as compared to Qualcomm or MediaTek chipsets.

Xiaomi Redmi Note 4X's special edition announced in China
That said, using its own processor could certainly prove to be financially advantageous for Xiaomi. It will also likely save the company both time and money.
On a related note, Xiaomi recently launched its Redmi Note 4X smartphone range in China. The new series includes Note 4X Hatsune Miku Special Edition, set to go on sale in China from February 14. However, there's no word about the smartphone's price yet.
In terms of specifications, the Redmi Note 4X Hatsune Miku special edition features a 5.5-inch screen of Full HD resolution. The smartphone is powered by an octa-core Qualcomm Snapdragon 625 chipset. There is also a 13MP rear camera, along with a 4,100mAh battery.

The specifications and design of the smartphone are identical to those of Redmi Note 4, which launched in India recently.