Hong Kong stocks rallied broadly, with the Hang Seng Tech Index gaining more than 4%. Xiaomi Group's shares climbed over 7% on the day, reclaiming HK$30 and closing with a market capitalization of HK$795.5 billion (approximately $101.4 billion), once again crossing the $100 billion threshold. Over a longer horizon, Xiaomi's market value stood at roughly HK$390.7 billion at the end of 2023 and rose to about HK$865.8 billion by the end of 2024—an annual gain of approximately 121.6%. On June 27, 2025, the stock touched an intraday peak of HK$61.45, corresponding to a market value of about HK$1.59 trillion, before entering a sustained decline that brought it down to HK$21.56 by June 2026—a cumulative drop of nearly 65% from the peak, erasing more than HK$1 trillion in market value. On the operational front, the core smartphone business came under pressure from elevated memory chip prices, with shipments declining in the first half of 2026 and prices for some models on sale raised starting in April 2026. Global average DRAM contract prices remain at historic highs, and the upward trend continued into the fourth quarter, making cost pressures on the smartphone business difficult to alleviate in the near term. The automotive business, positioned as a second growth curve, remains in its investment phase and recorded a loss in the first half of 2026. Deliveries of the Pengcheng series, which began in September, enabled Xiaomi to establish a parallel lineup of battery-electric and extended-range vehicles, and October deliveries surpassed 50,000 for the first time, ranking third among emerging automakers.