Today, Xiaomi Group-W (Hong Kong stock code 01810.HK) closed at 27.6 Hong Kong dollars, which is a record for the Chinese giant. It is worth mentioning that the intraday highest price reached 27.8 Hong Kong dollars. Xiaomi’s share price was 25.5 yesterday, so it rose by 8.02%.
As expected, Xiaomi intends to report its Q3 financial statement tomorrow (November 24). According to CINNO Research, a market research company, Xiaomi’s sales in the third quarter of this year soared by more than 40%, reaching 46.5 million. Thus, the market’s expectations from Xiaomi Group are twice high now, taking into account the sharp rise in stock prices.
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As a reminder, the Xiaomi Group’s revenue in the 3Q of this year reached 53.5 billion yuan (8.12 billion USD). The adjusted net profit was 3.4 billion yuan (0.52 billion USD). That growth was due to the high sales of smartphones, AIoT smart products, and wearable devices. Due to the epidemic, Xiaomi’s share price is expected to hit an even higher record in the third quarter of this year. However, several market analysts stated that Xiaomi’s competitor Huawei had previously separated the “Honor” brand, which would negatively affect Xiaomi’s sales and thereby the revenue.