BUZZ-HK-listed Xiaomi surges on plan to invest in new smart electric vehicle business

Reuters2021-03-31

** Shares of China's smartphone maker Xiaomi Corp rise as much as 6.1% to HK$27.15, their highest since March 22, on course for second session of gains

** Stock last up 4.3%, the biggest percentage gainer in the benchmark Hang Seng Index and the second biggest percentage gainer in the Hang Seng Tech Index

** Xiaomi announced plans on Tuesday to invest $10 bln in a new smart electric vehicle $(EV)$ business, and separately to release a self-developed computing chip, as the group expanded out of its core smartphone business

** The Beijing-based firm will initially invest 10 bln yuan ($1.52 billion) in the unit, with a total investment goal of $10 billion over the next ten years

** The Hong Kong Hang Seng sub-index tracking information technology firms rises 1.8%, and the Hang Seng Tech Index climbs 1.7%

** The Hang Seng China enterprises index climbs 0.8%, and the benchmark index gains 0.5%

** As of last close, the stock had fallen 22.9% this year

(Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)

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Comments

  • NeilTan
    2021-03-31
    NeilTan
    Nice
  • Brrrrrrrrrrr
    2021-03-31
    Brrrrrrrrrrr
    The new world order seems to defy news and HKprice now. Despite news of new products, it doesn’t boost the promising company.
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