The ZTE nubia Z50 Ultra is coming in March, per Digital Chat Station, and it's already getting its photo taken.
The image below was captured somewhere in China, showing what's reported to be the upcoming nubia Z50 Ultra. The image is quite poor, but it does reveal that the phone will have a flat display, flat sides with the classic nubia red power button, and no visible punch hole for the selfie camera.
That means that the nubia Z50 Ultra will most likely have the latest generation under-display camera from BOE. Likely at least the same quality as that of the nubia Red Magic 8 Pro.
The nubia Z50 Ultra is coming sometime in March with a 5,000mAh battery, a periscope telephoto camera, and a Snapdragon 8 Gen 2 chipset.