Xiaomi Stock Teeters Near 52-Week Low as Flashback Technology's Fourth IPO Attempt Fails

Xiaomi shares fall 3.14% to EUR 3.14, nearing 52-week trough, as stake in Flashback Technology suffers from failed Hong Kong IPO and looming bond maturity.

Xiaomi shares slipped 3.14% on Wednesday to EUR 3.14, brushing within 2% of their 52-week trough of EUR 3.08. The stock has now shed roughly 30% since the start of the year and nearly 47% over the past twelve months — a stark disconnect from a broader sector that has recently found its footing.

The slide is being amplified by a hangover from one of Xiaomi's portfolio bets. Flashback Technology, a refurbished smartphone specialist in which Xiaomi holds a stake, has abandoned its fourth attempt at a Hong Kong initial public offering. Despite generating revenue of 17.7 billion yuan in 2025, the company remains deep in the red with losses of 690 million yuan. The failed listing leaves a EUR 858 million convertible bond maturity looming at the end of 2026 without a liquid equity cushion, blocking Xiaomi from monetizing its investment.

The company is hardly sitting still on the product front. Since June 1, Xiaomi has rolled out native AirDrop compatibility through its Quick Share feature, initially on the 17T Pro, bridging a long-standing file-transfer gap between Android and iOS users. Globally, the Redmi Watch 6 has gone on sale with a 2.07-inch AMOLED display, 2,000 nits peak brightness, and up to 24 days of battery life. On Youpin, it launched the "Excue" modular flashlight — 2,500 lumens, 200-meter beam, priced at 169 yuan (around EUR 21) — alongside the Bluetooth Remote 2 Pro for 99 yuan, which supports Bluetooth 5.4 and NFC screen mirroring.

Yet none of that enthusiasm has reached the share price. While the Hang Seng Index jumped 2.5% on Tuesday on the back of AI-driven gains at Tencent and a 6% intraday surge at Alibaba, Xiaomi remained stuck near its yearly low. The relative strength index sits at 76.8, technically overbought — an odd reading for a stock trading 28% below its 200-day moving average, signalling persistent selling pressure despite the low price.

The immediate battle line is drawn at EUR 3.08. If that level fails to hold, technical support could erode quickly. Until Flashback resolves its funding overhang or Xiaomi's ecosystem push starts showing up in quarterly earnings, the market's patience appears thin — even as the broader tech sector warms up.