Xiaomi Slips 4.7% as Nvidia Fallout Weighs on Hong Kong Tech, Even as Buybacks Continue

Xiaomi shares fell 4.7% to EUR 3.26 on Thursday, caught in a broad retreat across Chinese and Hong Kong technology names. Reuters attributed the market-wide softness to investor caution over the possible fallout from the Nvidia scandal. The Hang Seng Tech index also lost ground, with Xiaomi among the day's decliners.

The drop came despite a steady stream of corporate news from the Beijing-based group. Xiaomi has been buying back its own stock repeatedly this week. On Wednesday it repurchased 1.67 million Class B shares for a total of HKD 49.9 million, while issuing roughly 144,000 new Class B shares under a share plan. A day earlier, it bought back 1.66 million shares for about HKD 49.88 million, a session in which the stock gained 1.1%. Monday brought another repurchase of some 1.66 million shares at a cost of around HKD 49.89 million.

Share Count Creeps Higher Through Option Exercises

The buybacks have been partly offset by new issuance. In its October monthly return to the Hong Kong exchange, filed on November 5, Xiaomi disclosed that the exercise of stock options added about 1.61 million new Class B shares to its capital base.

On the operating side, Xiaomi said it delivered more than 50,000 electric vehicles in October — its strongest monthly showing of the year. Cumulative deliveries from January through October reached roughly 336,000 units, against a full-year target of 550,000 vehicles. The October update set the year-to-date figure against that goal.

Beijing University Tie-Up on IoT Standards

Xiaomi also published a technical whitepaper on Tuesday alongside Peking University, outlining a "Thing Model" for IoT devices. The two partners presented the work at the CCF China Software Conference.

Investors now turn to November 24, when the board is scheduled to review and approve Xiaomi's unaudited consolidated results for the third quarter of 2026, along with figures for the first nine months of the year. The company announced the agenda on October 23.