Xiaomi Activates Buyback and TV Offensive in India as Stock Plunges 49%

Xiaomi repurchases 3.5M shares and launches premium Mini-LED TVs in India, but stock drops 49% in 12 months amid weak Q1 earnings and margin pressure.

Xiaomi is fighting on two fronts this week. On Thursday the Chinese tech giant will launch a premium Mini-LED TV line in India, and on Friday it bought back millions of its own Hong Kong-listed shares. Neither move has so far slowed the stock’s slide to a 52-week low.

The company’s class B shares closed at €3.05 on Friday, just above the €2.97 trough touched earlier this year. Over the past twelve months the stock has lost roughly 49%, while the year?to?date decline stands at 32.07%. The session that day alone knocked off 2.37%.

The buyback action came on 5 June, when Xiaomi repurchased 3.5 million class B shares at prices between HK$27.98 and HK$28.04 apiece, for a total of about HK$98 million. The purchases follow a fresh mandate approved at the annual general meeting on 2 June, where 99.98% of votes cast backed the plan. The authorization allows Xiaomi to buy back up to 10% of its issued shares, or a maximum of roughly 2.58 billion shares, over the next twelve months. The overall program has a cap of HK$20 billion. As of 5 June, the company had repurchased 7.0 million shares under the new mandate. Notably, the acquired shares are to be cancelled.

Yet the buyback is running in parallel with some dilution. Employee share schemes saw 193,000 new class B shares issued on 4 June and another 115,000 on 5 June. Still, the net outstanding count of listed class B shares fell by about 67 million in May, meaning cancellations are outweighing new issuances for now.

Operationally, the bear case has plenty of ammunition. In the first quarter of 2026, revenue dropped 10.9% to ¥99.1 billion, and adjusted net profit tumbled 43.1% to ¥6.1 billion. Smartphone shipments came in at 33.8 million units. The electric?vehicle segment contributed roughly ¥19.9 billion on 80,856 vehicles delivered, but the overall margin compression is weighing heavily.

Into this weak picture comes the product push. On 11 June, Xiaomi will start selling its FX Mini LED Series TVs in India. Sizes range from 43 to 75 inches, with QD?Mini?LED tech, 4K Ultra?HD resolution, HDR10+ and Filmmaker Mode. For gamers, larger variants support DLG 120Hz. The sets run Fire TV built?in, Alexa voice control and Apple AirPlay 2. According to the Times of India, prices start at ?29,999. Distribution runs through mi.com, Amazon.in, Flipkart, Xiaomi retail stores and other partners. The launch targets Xiaomi’s smartphone?plus?AIoT ecosystem; in the latest quarter, IoT and lifestyle products generated ¥24.7 billion in revenue, with the overseas segment hitting a record level.

Technically, the stock remains under pressure. It is trading nearly 10% below its 50?day moving average and about 29% below its 200?day moving average. The relative strength index stands at 37 — close to oversold territory but not yet signalling a clear reversal. The next quarterly results are not due until at least August, giving the buyback and the TV launch several weeks to try to change the narrative. Without a sustained improvement in operations or more aggressive share repurchases, the stock may stay trapped near its annual floor.