Xiaomi to Buy Back $321 Million in Shares After $72 Billion Rout

Xiaomi Corp. has pledged up to HK$2.5 billion ($321 million) to repurchase its shares, seeking to stem a steep selloff that has erased over HK$560 billion ($71.9 billion) from its market capitalization in just four months.

The buyback, which begins Jan. 23, highlights mounting pressure on the Beijing-based technology firm as it fends off intensifying competition across smartphones and electric vehicles, while grappling with rising component costs and renewed consumer concerns over product safety.