China's Xiaomi shares jump after record profit and revenue
The Hong Kong-listed shares of the world's third-largest smartphone maker, whose products also extend to cars, rose to HK$53.3 in early trade, before paring gains. The stock was trading 0.6% higher later in the session.
Xiaomi now commands a market value of about $171 billion, higher than the roughly $160 billion of BYD (002594.SZ), opens new tab, China's biggest EV maker, according to LSEG data.
Analysts said Xiaomi's diversified businesses helped it better navigate a bruising price war in the Chinese electric vehicle sector, where the biggest manufacturers are cutting prices to win customers.
"The key difference between Xiaomi and other companies is that it's not simply a smartphone company or a car OEM (original equipment manufacturer)," said Will Wong, a senior smartphone analyst at research firm IDC.
"It could be seen as a 'lifestyle' company that offers day-to-day products used by consumers," he said, although economic uncertainties amid a global trade war could pose a downside risk.
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