Xiaomi Shares Surge 8.5% as Hong Kong Tech Rebound Meets EV Momentum

Xiaomi shares climbed 8.5% to EUR 2.92 as Hong Kong tech rallied; Xiaomi Auto reported over 70,000 locked-in Sky-Nomad orders in 30 days.

Xiaomi's stock roared back to life on Thursday, climbing 8.5% to EUR 2.92 from the previous session's close of EUR 2.69, as a broad recovery in Hong Kong's technology sector gave fresh legs to a name that had spent much of the year under selling pressure.

The rally was part of a wider advance across Asian equity markets, where the Hang Seng Tech Index posted substantial gains that rippled through technology and automotive listings alike. A market strategist attributed the upbeat tone in part to falling US Treasury yields, which eased the pressure on rate-sensitive growth stocks and helped draw buyers back into the sector.

For Xiaomi, the sector-wide lift arrived at an opportune moment. According to media reports, the friendlier market backdrop served as a catalyst to redirect investor attention toward the company's underlying business trajectory, prompting market participants to re-engage with the stock after a stretch of caution.

EV Order Book and Delivery Ramp Reinforce the Story

Underpinning that renewed confidence are hard numbers from the company's automotive division. Xiaomi Auto disclosed that its new Sky-Nomad model line has drawn more than 70,000 locked-in orders within 30 days of its sales launch — a figure the market treats as a key gauge of genuine customer intent.

Deliveries are keeping pace. Founder Lei Jun reported that Xiaomi shipped over 40,000 vehicles during September, with the new model line already accounting for more than 10,000 units in its first month of sales. The figures suggest the company has been able to scale up production capacity quickly.

The combination of brisk demand and early delivery success underscores the growing weight of the auto business within the broader group, as Xiaomi works to establish a second viable pillar alongside its legacy consumer electronics operations. Even so, China's electric vehicle arena remains fiercely competitive, and how swiftly Xiaomi clears its order backlog — and whether monthly delivery rates can sustain the level implied by pre-orders — will likely determine the stock's next move.

HyperOS 4 Opens a Door to Apple's Ecosystem

On the software side, Xiaomi announced on Wednesday that its HyperOS 4 operating system will extend compatibility to Apple devices. The planned features include cross-device content sharing, two-way access to cloud photo libraries, and synchronized notifications. The move deliberately opens the company's platform to users of rival operating systems, aiming to lower the barriers that discourage switching between devices.

The initiative is designed to broaden the reach of Xiaomi's own services and erode existing walls between ecosystems. By building interfaces to competing systems, management is betting it can draw users of other brands toward its own offerings.

Buybacks and an HSBC Endorsement

Xiaomi has also moved to support its share price through repurchases. On Monday, the company bought back 2,000,000 Class B shares for a total of HKD 47.5902 million, with the shares to be cancelled. It separately acquired additional Class B shares for roughly HKD 99.238 million, also earmarked for cancellation.

Cancelling the repurchased stock reduces the number of shares in circulation. Such measures are intended to signal management's confidence in the company's fundamental direction, though they rarely turn the broader market on their own.

Analysts added their own vote of confidence: HSBC initiated coverage on September 30 with a "Buy" rating and a price target of HKD 33.20. The stock closed yesterday at EUR 2.69, leaving it down 38% since the start of the year.