Xiaomi Buyback Fails to Offset Rate-Driven Slide as Daiwa Lifts Target to HK$35

Xiaomi's shares fell 3.0% on Thursday to €3.37 as renewed global interest-rate worries weighed on Hong Kong's technology sector. Reuters attributed the broader decline in the Hang Seng Tech Index to stronger-than-expected US inflation data and mounting expectations of a Federal Reserve rate hike, which pressured tech names across the board. Tencent, Meituan and Alibaba were among the stocks caught in the downdraft.

Buyback Programme Continues

Against that backdrop, the smartphone and EV maker returned to the market with another round of share purchases. Xiaomi bought back 1.66 million Class B shares on the Hong Kong exchange, spending roughly HK$49.9 million, according to a regulatory filing. The repurchases came at prices between HK$30.08 and HK$30.24 apiece. The move follows a similar transaction on Monday, when the company also acquired about 1.66 million Class B shares for around HK$49.9 million.

Daiwa Raises Target, Reaffirms Buy

Analysts, meanwhile, are growing more optimistic. Daiwa lifted its price target on Xiaomi from HK$30 to HK$35 on November 3 while keeping its buy rating on the stock.

The company also reported progress on the robotics front that same day. According to Xiaomi, a humanoid robot completed its first eight-hour work shift at an automobile plant. A separate embodied foundation model was put through trial operations at a Xiaomi residential complex.

India Manufacturing Talks at Exploratory Stage

On the production side, Xiaomi is scouting local partners in India for planned household-appliance manufacturing, The Economic Times reported. The discussions remain in an exploratory phase, with the company focused on finding local production capacity in the country.

Board to Review Q3 on November 24

Investors now have a firm date for the next set of numbers. Xiaomi's board will meet on November 24, 2026, to review and approve the unaudited consolidated results for the third quarter and the nine months ended September 30, 2026. The agenda covers both the standalone quarter and the year-to-date period.