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Xiaomi Corp (OTC: XIACF, HK: 1810) shares surged to an all-time high on Friday, fueled by investor optimism over China’s nationwide subsidy program aimed at boosting sales of electric vehicles (EVs) and smartphones. The Hong Kong-listed stock soared nearly 6% to HK$43.05, pushing the company’s market capitalization past HK$1 trillion (US$128.4 billion) for the first time.
The rally reflects strong market confidence in Xiaomi’s strategic positioning in both the tech and automotive sectors, as government incentives drive consumer spending on electronics and green technology. Investors anticipate a significant uptick in Xiaomi’s EV and smartphone sales, reinforcing its competitive edge.
The bullish sentiment extended to other tech and auto stocks expected to benefit from the subsidy program. Lenovo Group (HK: 0992) surged over 7%, reaching its highest level since 2015. In the EV sector, BYD Co (HK: 1211) gained 5%, driven by expectations that its autonomous-driving technology will become more accessible. Geely Automobile Holdings (HK: 0175) jumped nearly 9%, as investors speculated the stimulus would bolster the broader EV market.
China’s subsidy initiative aims to stimulate retail spending, creating a ripple effect across the technology and automotive industries. With Xiaomi, Lenovo, BYD, and Geely among the biggest beneficiaries, market momentum is expected to continue as investors capitalize on China’s push for innovation and sustainability.
