1810.HK - Xiaomi Corporation

HKSE - HKSE Delayed Price. Currency in HKD
9.930
-0.060 (-0.60%)
At close: 4:08PM HKT
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Previous Close9.990
Open9.940
Bid9.920 x 0
Ask9.930 x 0
Day's Range9.850 - 10.120
52 Week Range8.280 - 13.820
Volume268,007,812
Avg. Volume90,464,509
Market Cap258B
Beta (3Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateNov 27, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est17.65
  • Xiaomi Takes on Apple in Japan With 108-Megapixel Budget Smartphone
    Bloomberg

    Xiaomi Takes on Apple in Japan With 108-Megapixel Budget Smartphone

    (Bloomberg) -- Xiaomi Corp., the world’s fourth-largest smartphone maker, is entering Japan and taking on Apple Inc. with a budget-friendly smartphone and a connected fitness tracker.The company is making the Mi Note 10 Android smartphone available in Japan for immediate pre-order to be shipped on Dec. 16, according to a statement on Monday. Priced from 52,800 yen ($486), the handset has a high-resolution 108-megapixel camera, a 5,260mAh battery rated to last longer than two days and a 6.5-inch OLED display with curved edges.Alongside the Mi Note, Xiaomi also introduced its Mi Smart Band 4 wearable for 3,490 yen, a portable battery pack for 1,899 yen, an induction-heating rice cooker for 9,999 yen and a premium all-metal suitcase for 17,900 yen, all aggressively priced for the Japanese market.The top Chinese smartphone vendor after Huawei Technologies Co. is looking eastward to help offset declining share in its home market. Xiaomi’s China shipments took a 30% dive last quarter, while hardware sales in India and Europe grew. It faces an uphill battle in Japan, however, where the smartphone market has been shrinking, is dominated by Apple and features unique consumer preferences that have kept domestic brands like Sharp Corp. and Fujitsu Ltd. relevant.“Xiaomi has to keep looking for new markets to recover its smartphone shipment growth, after losing its market share in China,” Bloomberg Intelligence analyst Anthea Lai said. “Outside the home-grown brands, Japanese have a strong preference for the iPhone.”Apple shipped about 45% of all the smartphones in Japan in the fiscal first half to Sept. 30, according to a report by MM Research Institute Ltd. Sharp, Samsung Electronics Co. and Sony Corp. followed, none of which exceeded 13%. Huawei, which ranked fifth last fiscal year, didn’t make the top 5 after carriers earlier this year dropped its models from their lineups amid China-U.S. trade tensions.Over the long run, Xiaomi is betting the worldwide commercialization of fifth-generation wireless technology will juice demand for mobile devices capable of hosting ultra-fast video and game streaming. The company plans to introduce at least 10 5G-enabled smartphone models next year as state-backed carriers in China spend billions of dollars constructing networks. Japan’s smartphone shipments will probably shrink about 10% to 27.6 million units for the full year ending March, before rebounding the following year when 5G models will contribute about 2 million units to the total, according to MM Research.Xiaomi is also expanding its product portfolio beyond smartphones to encompass everything from electric scooters to smart door locks, part of an effort to build an Internet of Things ecosystem. It’s continuing to build out internet services in pursuit of a strategy billionaire co-founder Lei Jun articulated before the company’s 2018 Hong Kong initial public offering. The stock is trading at less than half the price of its peak in July 2018.To contact the reporters on this story: Pavel Alpeyev in Tokyo at palpeyev@bloomberg.net;Yuki Furukawa in Tokyo at yfurukawa13@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Thomson Reuters StreetEvents

    Edited Transcript of 1810.HK earnings conference call or presentation 27-Nov-19 12:00pm GMT

    Q3 2019 Xiaomi Corp Earnings Call

  • Should We Be Delighted With Xiaomi Corporation's (HKG:1810) ROE Of 14%?
    Simply Wall St.

    Should We Be Delighted With Xiaomi Corporation's (HKG:1810) ROE Of 14%?

    One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...

  • Financial Times

    Taiwan’s brain drain: semiconductor engineers head to China

    There will be a top-level panel plus a medley of Tech Scroll Asia writers pitching their big tech themes for 2020. Hi everyone — Taiwan is losing a lot of top chip engineering talent to competitors in mainland China, in a scare for the island’s world-leading tech companies. Some Japanese companies, meanwhile, are looking to China’s 5G telecoms rollout with eager expectation.

  • Billionaires Investing in China Electric Cars Face Shakeout
    Bloomberg

    Billionaires Investing in China Electric Cars Face Shakeout

    (Bloomberg) -- Some of China’s wealthiest tycoons steered billions of dollars into electric-car companies in order to fuel the country’s dreams of becoming a leader in the field. Now a reckoning may be looming as car sales slow and the government reduces subsidies for the nascent industry.That leaves the flagship companies of Jack Ma, Pony Ma, Hui Ka Yan and Robin Li facing an increasingly steep path to profitability on their bets that electric vehicles can be smartphones-on-wheels connecting passengers to other businesses. Their capital, along with dozens of startups raising $18 billion, helped inflate an electric bubble that now looks to be in danger of popping.China’s car market is experiencing a prolonged sales slump, prompting EV makers to slash earnings outlooks. With China considering further cuts to the subsidies for consumer purchases in order to force automakers to compete on their own, a shakeout is looming that not even the tycoons’ support may be able to prevent, said Rachel Miu, an analyst with DBS Group Holdings Ltd. in Hong Kong. “For the new kids on the block in the EV space, it’s a steep uphill climb,” she said.Here’s what China’s richest people have to show for their companies’ EV investments:Alibaba: Xpeng Coupe, AccusationsJack Ma stepped down as chairman of Alibaba Group Holding Ltd. in September after amassing a $40 billion-plus fortune, but China’s richest man retains his board seat -- and influence -- at the e-commerce emporium he created. Alibaba has participated in several funding rounds for Guangzhou Xiaopeng Motors Technology Co., or Xpeng Motors, including one in 2018 that raised 2.2 billion yuan ($313 million) for the carmaker co-founded by former Alibaba executive He Xiaopeng.Xpeng launched its first vehicle, the five-seat G3 SUV, last year and has sold 11,940 vehicles so far this year, according to data compiled by Bloomberg.The company, founded in 2014, also is teaming up with more-established automakers. A factory built with Haima Automobile Co. can produce 150,000 EVs annually. Another should soon begin assembling the P7 coupe, scheduled to begin deliveries next year.The journey hasn’t been without controversy, though, as some engineers bound for Xpeng stand accused of stealing from their ex-employers in the U.S. In March, Tesla Inc. sued a former engineer, alleging he uploaded files, directories and copies of source code to his personal cloud storage account before resigning. Also, a former Apple Inc. engineer was indicted last year for allegedly pilfering self-driving car secrets on his way to an Xpeng job. His trial is upcoming.Xpeng wasn’t accused of wrongdoing.“We are very adamant that we pursue our own R&D,” President Brian Gu said. “Copyright is very important to us.”Hangzhou-based Alibaba, the second-largest shareholder in Xpeng, didn’t answer specific questions about the automaker.Xiaomi Corp., the consumer-electronics company, participated in another $400 million fundraising round, the automaker said Nov. 13.Tencent: NIO Lists, Then CutsPony Ma’s Tencent Holdings Ltd., whose WeChat messaging app helped make him China’s second-richest person, led a $1 billion investment round in NIO Inc. in 2017. With more than 26,000 vehicles sold, NIO’s one of the few Chinese startups making multiple models, and it beat rivals with an initial public offering in New York last year.But losses piled up with the overall sales slump and as the company, which has been described as “China’s Tesla,” plowed money into marketing and real estate. It sponsored a Bruno Mars concert and opened luxury clubs for NIO owners that feature showrooms, coffee bars and performance spaces. By August the company had opened 19 NIO Houses over 22 months, and combined rental expenses were equivalent to 6.3% of revenue during the 12 months ended March, according to Bloomberg Intelligence.“NIO chooses the direct sales mode and pays great attention to user experience,” the company said. It doesn’t plan to close its existing clubs -- or open new ones.NIO lost $2.8 billion in the 12 months ended June on revenue of $1.2 billion, and its shares have plunged this year. The Shanghai-based company cut about 20% of its workforce through September. Separately, NIO has said that Tencent and Chief Executive Officer William Li planned to inject $100 million each into the company, though the carmaker hasn’t clarified whether the investment has been completed.“Our sales have been under pressure since the subsidies went down,” Li said. “It has come to a new era that one can only win customers with quality products and services.”Shenzhen-based Tencent expressed support for EVs but didn’t answer specific questions about NIO.Evergrande: High HopesOne of the more startling entrants in the EV industry is property developer China Evergrande Group, which declared it wanted to be the world’s biggest manufacturer within three to five years. That means surpassing Tesla, which just opened a factory in Shanghai. Between September 2018 and June 2019, Evergrande invested more than $3.8 billion in EV-related companies, according to Bloomberg Intelligence, and will start producing its Hengchi brand next year.Evergrande, which wants to open 10 production bases, plans to spend 45 billion yuan on new-energy vehicles between 2019 and 2021. On Nov. 10, a unit announced it would spend almost $3 billion to boost its stake in National Electric Vehicle Sweden AB to 82% from 68%.Billionaire chairman and founder Hui Ka Yan, who’s diversifying into businesses such as soccer and health care, acknowledged there isn’t much overlap between Evergrande’s real-estate business and its EV ambitions.“We don’t have any talent, technology, experience, or production base in manufacturing cars,” Hui said. “How can we compete with the century-old automakers in the world?”His answer: by opening Evergrande’s wallet.“Whatever core technology and company we can buy, we will buy,” he said.Yet Hui’s whatever-it-takes strategy may take a toll on Evergrande because of the cash-burning nature of NEV investments. The company’s forecast of spending 45 billion yuan is probably an underestimate, and that may exacerbate its cash crunch, according to BI.“This could crimp its home-sales margin given an urgency to sustain price cuts to boost cash collection from sales,” analyst Kristy Hung said in a Nov. 22 report.Baidu: WM Factories, LawsuitRobin Li, the CEO of China’s dominant internet search-engine company, made WM Motor Technology Co. part of Baidu Inc.’s move into autonomous driving. Baidu led a fundraising round this year that generated 3 billion yuan for the Shanghai-based automaker. Baidu owns a 13% stake.WM rolled out an electric SUV last year and has delivered more than 19,000 vehicles, Chief Strategy Officer Rupert Mitchell said. So far this year, WM sold 14,273 of its battery-powered SUVs, according to data compiled by Bloomberg. That puts WM behind market leader BYD Co. -- backed by Warren Buffett -- and NIO, but ahead of Xpeng. WM launched a second SUV model on Nov. 22.WM has an advantage over rivals started by employees from internet companies, Mitchell said. Founder Freeman Shen used to run Volvo Car Group in China.“We are not moonlighters from the technology industry that are having a crack at mass-market automotive,” he said.Volvo parent Zhejiang Geely Holding Group has sued WM, seeking 2.1 billion yuan compensation for alleged copyright infringement, Chinese state media reported in September. WM has denied wrongdoing.WM is producing vehicles at fully owned factories, which helps maintain quality control, Mitchell said. The company, which is opening a second factory next year that can make 150,000 vehicles annually, wants to raise another $1 billion, Mitchell said.Baidu declined to comment.(Updates 16th paragraph to clarify status of NIO investment)\--With assistance from Emma Dong, Tian Ying and Gao Yuan.To contact Bloomberg News staff for this story: Bruce Einhorn in Hong Kong at beinhorn1@bloomberg.net;Chunying Zhang in Shanghai at czhang714@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, ;Emma O'Brien at eobrien6@bloomberg.net, Michael TigheFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Xiaomi, Oppo to use Qualcomm's newest mobile phone chips
    Reuters

    Xiaomi, Oppo to use Qualcomm's newest mobile phone chips

    Xiaomi Corp and Oppo said they will use Qualcomm's Snapdragon 865 chip in devices they plan to launch in the first quarter of next year. Xiaomi and Oppo, both based in China, were the fourth and fifth biggest smartphone sellers in the world in the third quarter, according to research firm IDC. Qualcomm's other major customers are Apple Inc and Samsung Electronics Co Ltd .

  • Alibaba’s Hong Kong Rally Is At Risk From Three Misconceptions
    Bloomberg

    Alibaba’s Hong Kong Rally Is At Risk From Three Misconceptions

    (Bloomberg) -- Alibaba Group Holding Ltd.’s landmark $11 billion share sale and listing in Hong Kong on Nov. 26 was galvanized by expectations the Chinese e-commerce giant will attract a vast pool of capital from its home country. But some investors caution against unrealistic expectations, especially by mainland investors, and highlight certain restrictions that still govern -- and potentially curtail -- trading activity in Alibaba’s Hong Kong shares.The company’s sheer size and the unprecedented nature of its secondary listing (the primary listing is still in New York) and unique management structure present challenges for investors hoping to gauge everything from Alibaba’s inclusion in indexes -- crucial because they direct the flow of capital from tracker funds -- to its listing status.Here’s what we know.1\. Will Alibaba get added to the Hang Seng Index?Not right now. Alibaba will be added to Hang Seng Composite Index on Dec. 9, but it isn’t qualified to join the benchmark Hang Seng Index or the Hang Seng China Enterprise Index because they comprise only primary listings and corporations without so-called weighted voting rights (WVR).Membership of the 50-member Hang Seng is coveted by corporations because it could trigger billions of dollars of inflows from funds tracking the 50-year-old gauge. Hang Seng Indexes Co. plans a consultation in the first quarter to discuss issues including whether firms with weighted voting rights, like Alibaba, should be eligible for the HSI. Any conclusions should be published by May, Daniel Wong, its head of research and analytics, said in a statement. Even if the index compiler decides to overhaul its rules, the required process means it may not be until late 2020 before Alibaba could join the major Hang Seng benchmarks.Representatives for HKEx and Alibaba declined to comment.Read more: Why Now, and Why Hong Kong, for Alibaba’s Share Sale?: QuickTake2\. Will Alibaba be included in the stock connect program?Maybe, but a lot hinges on policy makers. China doesn’t spell out criteria or qualifications for joining the program, which allows mainland investors to buy stocks listed in Hong Kong. Unlike the HSI, the program isn’t limited to primary listings. It does require review by the China Securities Regulatory Commission, the stock market watchdog.The first companies in stock connect with weighted voting rights were Meituan Dianping and Xiaomi Corp., which mainland investors got access to in late October through the program. That’s after similarly structured Chinese firms started listing in July on Shanghai’s new tech-focused Star board. Many investors expect Beijing to ultimately allow Alibaba’s Hong Kong shares to trade through the stock link with the city as well.But it may not necessarily be in China’s best interest to do so. That’s because other U.S.-listed Chinese firms -- among the country’s largest corporations, from JD.com Inc. to Baidu Inc. -- may be encouraged to follow in Alibaba’s footsteps and conduct their own secondary listings in Hong Kong, bypassing the Shanghai or Shenzhen bourses. That may run counter to Beijing’s longstanding ambitions of developing healthy, vibrant mainland exchanges, particularly as unrest grips Hong Kong.3\. Can Alibaba change its primary listing to Hong Kong?It’s possible -- thereby attracting investors with a preference for main listings, and at the same time scoring brownie points with some in Beijing who could view that as supporting China’s policy ambitions. Alibaba was given the green light to list in Hong Kong based on a new “Secondary Listing” rule, or Chapter 19C. It allows companies to conduct follow-on share offerings without complying with more stringent rules laid down by Hong Kong Exchanges & Clearing Ltd. governing first-time listees.Alibaba may enjoy special status in having more freedom to comply with Hong Kong listing requirements. Under rules laid out in a consultation paper in April last year, Chinese firms that went public before Dec. 15, 2017 don’t need to comply with “WVR” safeguards if they later switch their primary listing to Hong Kong. Alibaba, which debuted in New York in 2014, said in its Hong Kong listing prospectus it’s a “WVR” company similar to Meituan and Xiaomi.Meanwhile, Alibaba employs a fairly unique structure in which a group of partners have the right to nominate a majority of the firm’s board -- exerting outsized influence on Alibaba’s direction.In addition, Hong Kong listing rules say if trading volume there exceeds 55% of global turnover over an entire fiscal year, the stock has to adopt primary listing status in Hong Kong. HKEx gives such Chinese companies a year to comply. But with Hong Kong’s stock registration office listing just 23% of outstanding Alibaba shares as of Nov. 28, a majority of trading volume occurring there may be a tall order.\--With assistance from Paul Geitner and Fox Hu.To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Edwin Chan, Kevin KingsburyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • China's Xiaomi launches online lending service in India
    Reuters

    China's Xiaomi launches online lending service in India

    Chinese smartphone maker Xiaomi Corp launched its online lending service in India on Tuesday, widening its offering of financial products in one of the world's biggest web services markets. Xiaomi's Mi Credit connects smartphone users with lending firms, giving them access to quick loans of up to 100,000 rupees ($1,393.34), the company's India head Manu Jain told reporters. Beijing-headquartered Xiaomi first moved into India's fast-growing financial services space in March with Mi Pay, which allows bill payments and money transfers.

  • Xiaomi launches app to offer credit to millennials in India
    TechCrunch

    Xiaomi launches app to offer credit to millennials in India

    Xiaomi, the top smartphone vendor in India, today joined a growing wave of fintech startups in the nation that are offering credit to aspirational young professionals and millennials. Prior to its availability in India, Mi Credit was launched in China. Xiaomi said it has partnered with a number of local startups, such as Bangalore-based ZestMoney, CreditVidya, Money View, Aditya Birla Finance Limited and EarlySalary, to determine who should get credit and then finance it.

  • South China Morning Post

    Hang Seng Index seesawing after President Donald Trump signs legislation supporting Hong Kong protesters

    Good day traders --Lots of news to weigh.US President Donald Trump signed the Hong Kong Human Rights and Democracy Act, in support of the protesters, against the threats of Beijing and at a high-stakes moment in the US-China trade talks.China e-commerce giant Alibaba (9988 HK) is being put on a fast track and will be admitted into a broad version of Hong Kong's benchmark stock index on December 9.And China smartphone maker Xiaomi (1810 HK) posted its slowest-ever quarterly revenue growth.We'll keep you up on the latest moves and news in Hong Kong and mainland markets. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • Xiaomi's Q3 earnings report shows slowing growth
    TechCrunch

    Xiaomi's Q3 earnings report shows slowing growth

    Xiaomi, the world's fourth largest smartphone vendor, on Wednesday shared its earnings figures for the quarter that ended in September. The Chinese electronics firm posted Q3 revenue of 53.7 billion yuan, or $7.65 billion, up 3.3% from 51.95 billion yuan ($7.39 billion) revenue it reported in Q2 and 5.5% rise since Q3 2018. This is largely in line with analysts’ estimated revenue of 53.74 billion yuan, per Refinitiv figures, but growth is slowing.

  • Reuters

    UPDATE 2-Xiaomi growth slows in Q3 as China smartphone demand wanes

    Chinese smartphone maker Xiaomi Corp posted its slowest-ever quarterly revenue growth as the country's smartphone market grapples with a protracted lull in sales and larger rival Huawei increases its share of the market. Demand for smartphones has eased in China as consumers hold on to devices for longer. Smartphone sales still account for most of Xiaomi's revenues but it has been promoting its internet services division, which mainly consists of online ad sales.

  • Xiaomi growth slows in third-quarter as China smartphone demand wanes
    Reuters

    Xiaomi growth slows in third-quarter as China smartphone demand wanes

    Chinese smartphone maker Xiaomi Corp posted its slowest-ever quarterly revenue growth as the country's smartphone market grapples with a protracted lull in sales and larger rival Huawei increases its share of the market. Demand for smartphones has eased in China as consumers hold on to devices for longer. Smartphone sales still account for most of Xiaomi's revenues but it has been promoting its internet services division, which mainly consists of online ad sales.

  • Xiaomi growth slows in third quarter as China smartphone demand wanes
    Reuters

    Xiaomi growth slows in third quarter as China smartphone demand wanes

    Chinese smartphone maker Xiaomi Corp posted its slowest-ever quarterly revenue growth as the country's smartphone market grapples with a protracted lull in sales and larger rival Huawei [HWT.UL] increases its share of the market. Demand for smartphones has eased in China as consumers hold on to devices for longer. Smartphone sales still account for most of Xiaomi's revenues but it has been promoting its internet services division, which mainly consists of online ad sales.

  • Bloomberg

    Apple iPhone 11 Scores Early China Success, Official Data Shows

    (Bloomberg) -- Chinese consumers are rediscovering their appetite for iPhones.Apple Inc. shipped 10 million iPhones in China during September and October, based on Bloomberg’s calculations from government data on overall and Android device shipments. That’s the first indication of the company’s performance following the autumn release of its latest gadgets, and it shows iPhone shipments up 6% from a year earlier, according to the China Academy of Information and Communications Technology, which is run by the country’s technology ministry.That affirms expectations that Apple’s iPhone 11 is selling more strongly than its predecessor, particularly in a market that’s second only to the U.S. in its importance to Apple’s bottom line. The company had recently been stuck in a rut in China, ceding ground to local rivals like Huawei Technologies Co. and Xiaomi Corp., which offer more enticing pricing, better specifications and increasingly premium design. Apple also lost market share to Samsung Electronics Co. and Huawei globally prior to the iPhone 11’s release. Chief Executive Officer Tim Cook has said new pricing, a monthly payment program and trade-in offers helped the iPhone’s performance in China.“Chinese customers seem to be receiving the iPhone 11 series better than last year’s models because of the lowered retail price,” said Nicole Peng, a Canalys analyst. “We see weaker shipments for old models but the latest products are going strong.”Read more: Apple Assembler’s Profit Beat Signals Good iPhone 11 DemandOverall Chinese smartphone shipments dropped 5% to 69.3 million units during the two months, according to reports published by the academy, which is run by the Ministry of Industry and Information Technology and tracks the number of smartphones that get permits to be sold in China.Apple took major strides to increase battery life in its iPhone 11 and 11 Pro devices while lowering the starting price by $50. After years of stagnation in cameras, the company overhauled the iPhone’s image quality this year, catching up to category leaders Google and Huawei. This approach drew an overwhelmingly positive critical reception.In China, however, Apple still faces an uphill climb against local brands like Huawei and Xiaomi. Beyond new device sales, Apple’s other major challenge there will be to make available more of its lucrative subscription services. As the company transitions to a business model more reliant on recurring fees -- such as via iTunes Music, Apple TV+ and Apple Arcade -- their unavailability in China becomes increasingly a hurdle to growth.Apple Now Has the Best Smartphone Cameras: iPhone 11 Pro Review\--With assistance from Colum Murphy.To contact Bloomberg News staff for this story: Gao Yuan in Beijing at ygao199@bloomberg.netTo contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Benzinga

    Tesla's Chinese Competitor Raises $400M

    Chinese electric vehicles maker Xiaopeng Motors has raised $400 million in a Series C funding round, the company said in a  statement  on Tuesday. What Happened Xiaopeng Motors, better known as Xpeng, ...

  • Reuters

    UPDATE 1-Alibaba-backed EV startup XPeng says raises $400 mln for growth

    HONG KONG/BEIJING, Nov 13 (Reuters) - Chinese electric vehicle (EV) manufacturer XPeng, backed by Alibaba Group Holding Ltd, said on Wednesday it has raised $400 million from investors including Xiaomi Corp to fund its growth. Sources familiar with the matter told Reuters earlier about the fundraising and about Xiaomi being an investor. XPeng, which announced the fundraising in a statement, did not comment on its valuation.

  • Electric-Car Maker Xpeng Raises $400 Million From Xiaomi, Others
    Bloomberg

    Electric-Car Maker Xpeng Raises $400 Million From Xiaomi, Others

    (Bloomberg) -- Chinese electric-car maker Xpeng Motors Technology Ltd. has raised $400 million from investors including technology company Xiaomi Corp., as it seeks a spot among China’s more serious contenders in the market.Private-equity firms and individual investors including founder He Xiaopeng also took part in the funding round, the company said Wednesday in a statement.The startup said in June it has produced 10,000 units of its G3 sport utility vehicle, putting it in competition with local rivals such as NIO Inc. and global competitors including Tesla Inc. in the world’s biggest EV market.Yet demand in China is sputtering, with EV sales falling for months since the government cut subsidies earlier this year. The slump has raised speculation among investors that only a small fraction of China’s aspiring electric-car makers will survive.Xpeng is working with Xiaomi in developing technologies connecting smartphones with vehicles. Xpeng’s backers also include ecommerce giant Alibaba Group Holding Ltd.The carmaker said it also secured “several billions” of yuan in unsecured credit lines from China Merchants Bank Co., China Citic Bank Corp. and HSBC Holdings Plc.To contact the reporters on this story: Ville Heiskanen in Singapore at vheiskanen@bloomberg.net;Chunying Zhang in Shanghai at czhang714@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Ville Heiskanen, Will DaviesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Xiaomi Downgraded to 'Hold' From 'Buy' at Blue Lotus Capital
    Bloomberg

    Xiaomi Downgraded to 'Hold' From 'Buy' at Blue Lotus Capital

    Nov.27 -- Eric Wen, founder and chief executive officer of Blue Lotus Capital Advisors, talks about Xiaomi Corp.'s financial results and outlook. The Chinese smartphone maker posted about a 1% rise in quarterly profit after its expansion overseas and into online services helped offset slowing growth in smartphone sales. Wen speaks with Shery Ahn and Paul Allen on "Bloomberg Daybreak: Asia."

  • Xiaomi suffers as Chinese rally behind Huawei
    Reuters Videos

    Xiaomi suffers as Chinese rally behind Huawei

    You might think Huawei's troubles would be good news for rival phonemakers. But it isn't working out that way. Chinese peer Xiaomi posted its slowest ever quarterly growth on Wednesday (November 27). Revenue in the three months to end-September was up 5.5%. That's a big slowdown for a firm that's posted years of rapid expansion. A general slowdown in demand is one reason. Chinese shoppers are updating their handsets less often these days. But a big comeback by Huawei is the other problem. It's been on a U.S. trade blacklist since May. That's over allegations - strongly denied by Huawei - that its devices pose a national security risk. The charges just seem to have rallied Chinese shoppers behind the brand. Domestic sales of Huawei phones jumped an estimated 66% over the quarter. That as Xiaomi shipments within China fell by a third and the overall market shrank 3%.

  • EV Maker Xpeng Looks to Build Smart Device Ecosystem With Xiaomi
    Bloomberg

    EV Maker Xpeng Looks to Build Smart Device Ecosystem With Xiaomi

    Nov.12 -- Brian Gu, vice chairman and president at Xpeng Motors Techonology Ltd., talks about the company's fund raising and growth strategy. The Chinese electric-car maker has raised $400 million from investors including technology company Xiaomi Corp., as it seeks a spot among China’s more serious contenders in the market. Gu speaks with Yvonne Man and Tom Mackenzie on "Bloomberg Markets: China Open."