one comment pointed out that xiao can be a peng too, a chinese shape shifter mytical creature that can turn to a bird/fish. according to searches 'golden winged great peng'. (golden-winged king of illumination) is related to xiao's title 'alatus, the golden winged king'.
it also represents the fire element (color red) which leads me to think of xiao’s first design, xiao wearing read and come to think of it, was xiao supposed to be a pyro character?