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Xiaomi gains USD20B as Apple revenue slides in China

ANN/THE STRAITS TIMES – Apple’s sales dip in China is providing an opportunity for yet another Chinese Android smartphone maker to win favour with customers and investors.

Xiaomi has gained about USD20 billion in market value since a June low, on excitement over its latest handset as well as forays into electric vehicles and other businesses.

The Hong Kong-listed stock rose more than 60 per cent in that span, making it the best performer on the Hang Seng Tech Index.

Chinese Android makers are capitalising as Apple posts sliding revenue in the country, even amid signs that Asia’s largest smartphone market is starting to bottom out after years of decline.

Xiaomi’s 14 series has received over one million orders since its late-October launch. That marks the second smash debut for a Chinese smartphone in just the past few months, following Huawei Technologies’s success with the Mate 60 Pro. Huawei is unlisted, but investors have been snapping up shares of its suppliers.

Xiaomi has gained about USD20 billion in market value since a June low. PHOTO: THE STRAITS TIMES

 

 

 

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