Xiaomi Rides Smartphone Sales to Top $100 Billion in Market Value, Reaching 2018 IPO Goal

Must read

How to disable and delete Samsung Pay from your Galaxy phone

When it comes to paying conveniently, Samsung Pay makes using your phone as a bank card an easy process; however, there may come...

Best OnePlus Nord N200 5G cases 2021

Best OnePlus Nord N200 5G cases Android Central 2021 The best OnePlus Nord N200 5G cases will protect your new sleek device and keep its 90Hz Full...
Bhawani Singhhttps://techmepro.com
I am a blogger who believes in delivering latest tech news from around the world to my viewers.

Xiaomi founder Lei Jun can finally rejoice after the Chinese smartphone maker’s market value swelled past the $100 billion (roughly Rs. 7,36,000 crores) mark, a figure his company fell far short of when it listed two years ago.

The firm’s stock rallied as much as 9.1 percent Wednesday to a fresh record in Hong Kong, making it the 13th stock in the city’s benchmark Hang Seng Index to have a market capitalization above $100 billion (roughly Rs. 7,36,000 crores). It ended the day 7.6 percent higher with a market value of HKD 802 billion (roughly Rs. 7,60,800 crores) .


Xiaomi, which generates the majority of sales from its smartphone business, originally eyed a $100 billion (roughly Rs. 7,36,000 crores) valuation for its initial public offering, people close to the deal said in May 2018. But it was only at half that level upon its debut, and shares traded below the HKD 17 (roughly Rs. 150) offering price for most of its first two years as a public company.

The stock saw its fortunes reverse in August, after it was announced that Xiaomi would be added to the Hang Seng Index. Shares have more than doubled since. Strong sales during China’s “Double 12” shopping festival have helped fuel this month’s 20 percent stock jump, and a proposal to boost the weighting of companies like Xiaomi in the Hang Seng Index to 8 percent from 5 percent could lead to further gains.

Xiaomi in November reported its fastest quarterly sales growth in two years, while earnings beat analysts’ estimates. It remains one of the few major Chinese tech firms to enjoy strong growth abroad while also benefiting from China’s adoption of 5G technology and winning domestic market share from competitor Huawei.
© 2020 Bloomberg LP



Is MacBook Air M1 the portable beast of a laptop that you always wanted? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Source link

More articles

Leave a Reply

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

- Advertisement -

Latest article

How to Schedule an Email in Gmail via Desktop Browser, App

Google added email scheduling to Gmail in April 2019. It allows you to draft an email and send it at your chosen...

PS5 and Xbox Series X restock: Walmart just had its biggest console drop in months

Trust and credibility(Image credit: Matt Swider / Instagram)PS5 restock tracker Matt Swider has helped 66,000 people in the US buy a next-gen console...

Noise ColorFit Pro 3 Assist Smartwatch, Noise Buds VS103 TWS Earbuds Launched in India

Noise ColorFit Pro 3 Assist smartwatch and Noise Buds VS103 true wireless stereo (TWS) earbuds have launched in India. The ColorFit Pro 3...

Realme Narzo 30 Pro 5G Starts Receiving Android 11-Based Realme UI 2.0 Update in India

Realme Narzo 30 Pro 5G is getting its stable version of the Android 11-based Realme UI 2.0 update in India. The update brings...

Pixel 6 Pro Will Be Expensive, Pixel 6 Positioned in the Premium Segment: Google’s Rick Osterloh

Google Pixel 6 series, the tech giant's upcoming flagship range, will be positioned in the premium segment, if comments by the company's devices...
- Advertisement -