China's Xiaomi falls, reversing 21-month peak on new EV details

Baic Motor

16/11/2023 08:04

** Shares of China's Xiaomi Inc  1810.HK  give up all gains
to fall as much as 7.5% to more than a week low of HK$15.54
    ** Stock is tracking slide in broader market  .HSI  and
other Chinese EV makers on EV maker Xpeng's  9868.HK 
wider-than-expected quarterly operating loss; Xpeng shares down
4.3%
    ** Xiaomi rose 1.1% to HK$16.98 in early session, highest
since February 2022, on news Beijing-based automaker BAIC Group
 1958.HK  applied for approval to build two Xiaomi-branded EVs
    ** Citi maintains "buy" on Xiaomi, saying news is positive
for its share price and market will likely compare Xiaomi's EV
with Huawei and Tesla in sport sedan EV segment
    ** "EV launch in the near future will be an upside catalyst
for Xiaomi" - Citi 
    ** Xiaomi currently down 7%, trimming YTD gains to 42.8% 
    ** Shares of BYD Co  1211.HK , Leapmotor  9863.HK , NIO
 9866.HK , SAIC Motor  600104.SS , Geely  0175.HK , Li Auto
 2015.HK  down between 0.1%-4.4%
    ** Hang Seng Tech Index  .HSTECH  falls 1.8%, Hang Seng
Index  .HSI  down 1.3%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))