Currently, the most interesting things in the smartphone world are happening in mid-range devices that are trying to pack premium features into sub-$500 handsets. And a Chinese cell phone brand called Poco has taken the lead over other handset makers with its newly announced Poco F2 Pro.

Poco is a sub-brand spun out of top Chinese handset maker Xioami, and the company made a splash a few years ago with the Poco F1. That device packed a fast processor and a large battery into an inexpensive phone, and the Poco F2 Pro is its long-awaited follow-up.

So what did Poco do for an encore with its new €499 phone? For starters, the Poco F2 Pro runs on the Snapdragon 865 system-on-chip found in leading Android smartphones. Phones with these same Snapdragon 865s, such as Samsung's Galaxy S20, cost a few hundred more than the Poco F2 Pro.

Poco seems to be referring to Apple's playbook, with the $399 iPhone SE using the same pace-setting A13 Bionic chip found in the more expensive iPhone 11 model. Unlike the iPhone SE, however, the Poco F2 Pro supports 5G and has a much larger screen.

The Poco F2 Pro is also impressive in other ways, at least on paper: the Snapdragon 865 chipset means that the Poco phone will work on 5G networks. It also has a large 4,700 mAh battery that will keep the device running all day long. [This is because the Poco F2 Pro has a 6.67-inch AMOLED screen with full HD+ resolution. (There is no mention of a fast refresh rate, so apparently there are some high-end features that must be sacrificed to keep the phone's price tag down.)

The Poco F2 Pro has four rear cameras, led by a 64-megapixel Sony IMX686 sensor, which Poco augments with a 13MP ultra-wide angle lens, a 5MP macro sensor, and a 2MP depth sensor. Although it will not have a telephoto lens, the Poco F2 Pro can shoot 8K video.

A potential rival to the Poco F2 Pro is the as yet unannounced OnePlus Z, a cheaper version of OnePlus' recent device that many expect to land later this summer. the OnePlus Z will not feature the Snapdragon 865 chipset. It is not expected to, but may run on the Snapdragon 765G (a slightly less powerful mobile processing platform with built-in 5G connectivity).

Rumors suggest that the OnePlus Z will feature a triple camera setup (48MP main sensor, 16MP ultra-wide shooter, and 2MP macro lens) similar to the $699 OnePlus 8, with a fast 90Hz refresh rate on the display It has been noted that there is a possibility.

If the OnePlus Z does arrive this summer as expected, expect it to rival the Poco F2 Pro's ambition to employ premium features in a sub-$500 phone.