Enough talk, lets strip this vehicle down starting with the easiest part: the saddle. Two quick-release clamps later it's free!

The seat post locks the rear rocker arm in place, so once removed the bike can fold up.

The post is labeled with min and max height options, and has a groove along the back. The groove serves to align the post and keeps it from twisting, all bikes should have it!

Next unscrew the fancy folding pedals. This mechanism reduces the overall width of the bike when folded.

Brompton bikes have had (even fancier) folding pedals for awhile now. Xiaomi may have sought some inspiration there.