Xiaomi Climbs in Hong Kong After Reports of Electric Car

0 27,747

The Chinese smartphone maker Xiaomi was put considerably higher on the Hong Kong stock exchange on Friday.


Investors welcomed a report from Reuters news agency that the world’s third-largest smartphone manufacturer plans to make electric cars at a Chinese carmaker Great Wall Motor factory. Xiaomi seems to be following its American competitor Apple, which is reportedly also working on its own self-driving electric car.

Xiaomi added almost 9 percent, and Great Wall Motor became worth 10 percent more. Partly as a result of this, the Hang Seng index in Hong Kong posted an interim profit of 1.6 percent. The Chinese tech group Baidu and online store Alibaba, on the other hand, fell further in Hong Kong, falling 4.7 percent and 1.8 percent.

A day earlier, Baidu and Alibaba also lost ground over fears they might lose their Wall Street listings due to introducing new rules in the United States.

The Nikkei in Tokyo went up 1.6 percent over the weekend at 29,176.70 points. The Japanese technology companies, in particular, showed a recovery after the recent heavy price losses. The higher closing positions on Wall Street, where the mood was buoyed by positive signs about the US labour market recovery, supported stock market trading.

Tech investor SoftBank, a heavyweight in the Nikkei, won nearly 2 percent. The Japanese chip companies Tokyo Electron and Advantest gained 1.8 and 4.7 percent.

Leave A Reply