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Investing.com-- Xiaomi Corp (HK:1810) briefly hit a record high in Hong Kong trade on Thursday, as the Chinese technology giant geared up to launch the luxury version of its SU7 electric vehicle and 15 Ultra smartphone later in the day.
Xiaomi’s shares rose to a record high of HK$58.70 early in the session. But the stock then reversed course sharply, trading down 8.4% at HK$51.60 by 00:01 ET (05:01 GMT).
Losses in the stock came amid heavy profit-taking, and as broader Hong Kong markets also retreated. The Hang Seng index slid 0.8% from a three-year high.
The company is set to launch a luxury, performance-spec variant of its SU7 EV- the SU7 Ultra- later in the day. CEO Lei Jun said in a social media post on Wednesday that he was confident the SU7 Ultra will meet Xiaomi’s 2025 sales target of 10,000 units.
Xiaomi (OTC:XIACF) will also launch a new flagship smartphone- the Xiaomi 15 Ultra- on Thursday, with the phone expected to fuel a new round of device sales for the company.
Xiaomi’s shares clocked a stellar rally in the past month, amid increasing optimism over Chinese technology stocks and their exposure to a local artificial intelligence boom.
The tech giant has also ridden a wave of optimism over its foray into the highly competitive Chinese EV market, with its XU7 vehicle having clocked strong sales in 2024 despite being a new entrant.
Xiaomi has also been steadily eating into smartphone stalwart Apple Inc’s (NASDAQ:AAPL) market dominance in China, as the iPhone maker lagged Xiaomi in introducing AI features into its devices.