Movement Alert|XIAOMI-W Falls 3.65% in Regular Trading, Interim Earnings Slump and BlackRock Stake Cut Below 5% Weigh on Sentiment

Market Focus
Oct 02

On October 2, XIAOMI-W declined 3.65% in regular trading, trading at HK$24.02 per share, with turnover of approximately HK$133 million, extending its recent downtrend from the HK$25.86 close on September 29.

The decline reflects continued pressure from dual headwinds. On the earnings front, the company's interim results showed revenue of RMB 208.063 billion, down 8.44% year-over-year, while adjusted net profit fell sharply by 42.86% to RMB 12.291 billion, signaling significant profitability erosion. On the capital flows side, BlackRock sold 6.497 million shares on September 22 at an average price of HK$26.49, reducing its long position to 4.98% — breaching the critical 5% disclosure threshold — a move that has weighed on market confidence.

Despite Citi previously maintaining a Buy rating with a HK$34 target price, citing the Xiaomi 18 Pro series launch and strong high-end momentum including a 300% jump in 18 Fold first-sale volumes, the new product boost has largely been digested. Options market activity has shown intensifying put-call positioning, reflecting weak near-term sentiment. Meanwhile, September auto deliveries exceeded 40,000 units, and the company continued share buybacks totaling over HK$75 million in late September.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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