Xiaomi Extends Buyback Streak as CLSA Braces for 62% Profit Slide

Xiaomi made it two sessions in a row of share repurchases, even as its stock slid 2.2% to €3.34 amid a sweeping selloff across Hong Kong's technology and semiconductor names. The decline came as weakness rippled through the sector's largest internet and tech constituents, with Xiaomi caught in the downdraft.

RTHK tied the broader Hong Kong softness to the Nvidia turmoil and mounting worries over potential restrictions on access to advanced AI chips — a read on the market backdrop rather than on Xiaomi itself.

Buyback Tally Grows

The company disclosed the purchase of 1.73 million Class B shares for a total of HK$49.83 million, filing the mandatory notice with the previous day's event date. A day earlier it had picked up 1.67 million Class B shares for HK$49.91 million, with those repurchased shares slated for cancellation. Alongside the buybacks, Xiaomi issued roughly 144,000 new shares to participants under its equity incentive program.

CLSA Trims Its Numbers

CLSA cut its earnings estimates for Xiaomi on Thursday, projecting a 62% drop in adjusted net profit to RMB 4.4 billion for Q3 2026. The brokerage also forecast revenue slipping 6.9% to RMB 105.3 billion. Its full-year 2026 adjusted profit estimate came down 13%, while the 2027 figure was trimmed by 17%.

Despite the reductions, CLSA kept its "Outperform" rating and held its price target at HKD 35.

Board to Review Q3

Xiaomi is due to publish its Q3 2026 results after the market close on November 24, when a board meeting will review and approve the unaudited figures for the quarter and the nine months through September 30, 2026 — putting the announcement inside the next two weeks.

On the operating side, the CPCA reported wholesale deliveries for Xiaomi Auto of 50,168 vehicles in October 2026, with retail sales at 50,123 units.