© Reuters.
Xiaomi (OTC:) Corporation, the Chinese electronics giant, has set a new sales record during the annual Singles Day shopping festival, with revenues surpassing 22.4 billion yuan ($3.11 billion). The company’s success was highlighted by the performance of its Mi 14 smartphone series, which became the top seller on Alibaba (NYSE:)’s Tmall and led sales across various online platforms from November 4 to November 11.
The Mi 14’s strong sales performance has prompted HSBC analysts to predict a valuation re-rating for Xiaomi, with upgraded smartphone shipment forecasts for the company. Analysts now expect Xiaomi to ship approximately 150 million units in 2023, a 7% increase from previous estimates, and around 160 million units in 2024, marking a 6% rise.
Xiaomi’s impressive sales figures contributed to a stock price increase of more than 1% in Hong Kong trade on Monday. This uptick also reflected positively on other major e-commerce platforms like Alibaba and JD (NASDAQ:).com, which experienced similar growth in their shares despite not disclosing total figures for the Singles Day event this year. Both companies did report record highs in transaction and order volumes, indicating a successful festival overall.
The Mi 14 series phones were first introduced on October 29 in Yichang, Hubei province, China, and quickly gained traction, dominating sales during the Singles Day period from October 23 to November 11. JD.com maintained a steady transaction volume with products exceeding 10 billion yuan ($1.39 billion), mirroring the previous year’s performance. Additionally, a new brand saw its transaction volume skyrocket by 260% during the festival.
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