Xiaomi Shares Jump 8.5% as SkyNomad Orders Eclipse 70,000

Xiaomi shares rose 8.5% to EUR 2.92 after its auto unit reported over 70,000 binding SkyNomad orders in the first 30 days of sales.

Xiaomi's stock staged a forceful rebound on Thursday, climbing 8.5% to EUR 2.92 after its automotive division disclosed a stronger-than-expected order book for its newly launched SkyNomad line. The advance lifted the shares well clear of Wednesday's close of EUR 2.69 and placed the Chinese technology group among the session's standout performers in Hong Kong.

Confirmed Orders, Not Reservations

More than 70,000 binding orders were placed for the SkyNomad range during the first 30 days of sales, a window running from September 7 to October 7. Xiaomi Auto did not break the figures down by individual model variant, according to media reports. What distinguished the announcement from earlier updates was its nature: these were confirmed purchase contracts rather than refundable reservations, a detail that appeared to carry particular weight with investors assessing real demand in China's fiercely competitive electric-vehicle arena.

To keep that momentum alive into the fourth quarter, the car unit also rolled out time-limited purchase incentives for October, covering financing terms and equipment packages. The measures are designed to bridge the gap between the initial wave of orders and a steady stream of repeat business.

A Sector-Wide Tailwind

Xiaomi's rally did not unfold in isolation. Technology and automotive names across Hong Kong moved higher together, with peers including BYD, Li Auto, Geely and XPeng all posting gains, as reported by Bloomberg and Dow Jones. Market watchers attributed the broader strength to a mix of new model launches, improving deliveries and stepped-up expansion into overseas markets. For Xiaomi, however, the company's own sales disclosure provided the specific catalyst that pushed it to the top of the leaderboard.

Deliveries and Software Ambitions

The order announcement followed a separate operational update. Xiaomi Auto delivered more than 40,000 vehicles in September, a figure to which the SkyNomad range contributed meaningfully within its very first month on the market. Ramping up production is seen as critical to the long-term profitability of the young division, and the speed at which Xiaomi clears its order backlog will be scrutinized as evidence that manufacturing capacity can keep pace with customer interest. For the group as a whole, the build-out also means continued heavy investment.

On the software side, Xiaomi said Wednesday it would extend compatibility between its HyperOS 4 operating system and Apple devices. The planned features include cross-device content sharing, two-way access to cloud photo libraries and synchronized notifications. By opening its platform to users of rival operating systems, the company aims to lower the barriers that discourage switching between devices, widen the reach of its own services and draw customers away from competing brands.

Buybacks and a Bullish Call from HSBC

Management has also moved to support the share price directly. On Monday, Xiaomi repurchased 2,000,000 of its own Class B shares for a total of HKD 47.5902 million, with the stock set to be cancelled. The group bought back a further tranche of Class B shares worth roughly HKD 99.238 million, also earmarked for cancellation. Cancelling repurchased stock reduces the number of shares in circulation, a step that signals management's confidence in the company's fundamentals, though it rarely turns market sentiment on its own.

Analysts added their own vote of confidence. HSBC initiated coverage of the stock on September 30 with a "Buy" rating and a price target of HKD 33.20. Even after Thursday's surge, the shares remain down 38% since the start of the year — a reminder of how much ground the stock still has to recover as investors weigh the promise of the SkyNomad launch against the challenge of executing on a swollen order book.