Caixin
Oct 10, 2018 06:06 PM
BUSINESS & TECH

Fading Xiaomi Looks for Buzz With High-End Sales

Xiaomi CEO Lei Jun attends a news conference in Hong Kong on June 23. Photo: VCG
Xiaomi CEO Lei Jun attends a news conference in Hong Kong on June 23. Photo: VCG

Shares of smartphone-maker Xiaomi Corp. bounced back slightly on Wednesday from an all-time low after the company’s CEO released figures that showed its latest high-end model has posted strong sales.

Xiaomi’s shares initially rallied after its $4.7 billion Hong Kong initial public offering (IPO) in July, but have moved steadily downward since then on concerns about its ability to compete in the market’s more lucrative higher end with the likes of Apple Inc. and Samsung Electronics. The market’s lower end — which is its specialty and accounted for 70% of its smartphone revenue in its IPO prospectus — is notoriously competitive and commands far less customer loyalty than the higher end.

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