According to Gizmo China, the leaked snaps show a still unknown Xiaomi Mi Note phablet but it is paired with a Mali-T860 mobile GPU, which could mean that the CPU is a Cortex-A53 or Cortex-A57 at least. The key will be the number of CPU cores but that is tricky to tell from a snap.
But there are some leaked figures for the smartphone’s performance in benchmarks on AnTutu and Geekbench. Since the figures don’t come from the CPU alone, it’s not clear about the chip’s abilities, but what you can see is not exactly encouraging. Being charitable, the phablet is above or on par models like the LG V10 or Samsung Galaxy Note 4, which are 2014-2015 models.
So the Meri processor is most likely to compete in the low to mid-range mobile market rather than but head with high-end processors. That particular battle-ground is a little competitive and there are some major problems making chips of your own, things can explode, melt, attract badgers and so-on. Making your own gear often does not appear worth it.