Apple’s Weak Sale In China Overshadowed By Local Xiaomi Â
Xiaomi is up more than 60% from its June low on a new smartphone push
JPMorgan sees ‘trading opportunity in the next six months’
Tweet on Apple’s weak sales in China
@Apple sales dip in China is providing an opportunity for yet another local smartphone maker Xiaomi to win favor with customers and investors.#apple #xiomi #smartphone #China pic.twitter.com/5llAO5MsTP
— The_Journalbiz (@the_journalbiz) November 14, 2023
Bloomberg Chart
Xiaomi Corp. has gained about $20 billion in market value since a June low on excitement over its latest handset as well as as forays into electric vehicles and other businesses. The Hong Kong-listed stock rose more than 60% in that span, making it the best performer on the Hang Seng Tech Index.
Chinese Android makers are capitalizing as Apple posts sliding revenue in the country, even amid signs that Asia’s largest smartphone market is starting to bottom out after years of decline.
Xiaomi’s 14 series has received over one million orders since its late-October launch. That marks the second smash debut for a Chinese smartphone in just the past few months, following Huawei Technologies Co.’s success with the Mate 60 Pro. Huawei is unlisted, but investors have been snapping up shares of its suppliers.
Wall Street firms including Morgan Stanley and Citigroup Inc. have cited signs of an end to China’s smartphone downturn and a likely recovery into next year. Huawei’s surprisingly strong comeback has helped trigger Chinese consumer appetite for innovative local product
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