Over a year since the launch of the Surface Pro 4, Microsoft still has not released a refresh to its hybrid laptop line. Rumors about the anticipated device continue to circulate online, but Panos Panay, corporate vice president at Microsoft's Surface division, has put all recent speculations to rest.

The Microsoft exec spoke with CNET last week, and based on his statements, the Surface Pro line may no longer be a priority of the company. "When it's meaningful and the change is right, we'll put it on market. Meaningful change isn't necessarily a hardware change, which is what a lot of people look for," Panay stated. "They're like, 'Where's the latest processor?' That's not what I mean. I'm looking for an experiential change that makes a huge difference in product line. You'll see that same meaningful impact when Pro 5, or Pro Next hits the market. There's no such thing as a Pro 5."

Instead of developing the Surface Pro 5, Microsoft is reportedly prioritizing the Surface Laptop — a less powerful device primarily designed for students. Although Panay is refusing to acknowledge the Surface Pro 5, it is possible that the two-in-one tablet could be released with a new name. Wccftech notes that Panay could be intentionally confusing the public in his latest interview, and Microsoft is just changing the name of its new hybrid hardware line.

Meanwhile, Microsoft has issued invitations to an event in Shanghai, China, on May 23. The company is a global brand, so the upcoming event is not that unusual. However, an Instagram photo posted by Panay hints that a new Surface device might be launched during the event since the post came with the hashtag "#Surface."

Business Insider reports that Microsoft has already confirmed that new hardware will be launched at this event. Though the company did not say what kind of device will be revealed, it is safe to say that fans will be seeing some type of new Surface device soon.