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Xiaomi Corp (HK:1810) briefly soared to an all-time high of HK$58.70 in Hong Kong trading on Thursday before reversing sharply, dropping 8.4% to HK$51.60. The decline came amid heavy profit-taking and a broader market pullback, with the Hang Seng index slipping 0.8% from a three-year high.
The stock's surge was fueled by excitement over Xiaomi's expansion in the electric vehicle market and its upcoming product launches. Later in the day, the company will unveil the SU7 Ultra, a luxury performance version of its SU7 EV. CEO Lei Jun expressed confidence in meeting Xiaomi’s 2025 target of 10,000 units.
Additionally, Xiaomi is set to release its latest flagship smartphone, the Xiaomi 15 Ultra, which is expected to drive a fresh wave of sales. The brand has been gaining ground against Apple (NASDAQ:AAPL) in China, as it leads in AI-powered smartphone innovation.
Xiaomi’s stock has enjoyed a stellar rally over the past month, boosted by growing optimism over Chinese tech stocks and the country’s AI boom. The company’s foray into the competitive EV market has also generated significant investor interest, with strong early sales for the SU7.
Despite today’s dip, Xiaomi’s expansion into EVs and AI-driven smartphones continues to strengthen its market position. Investors remain bullish on the company’s long-term growth potential as it challenges rivals in both the smartphone and EV sectors.
