Xiaomi Shares Soar Nearly 9% as Investors Get Set for Thursday Debut of Its New N90 and N70 SUV Cars

Shares of Xiaomi jumped 8.95% on Wednesday to close at 31.88 Hong Kong dollars, adding 2.62 Hong Kong dollars, as investors positioned ahead of the Chinese technology company's launch event for two new sport utility vehicle models scheduled for Thursday.

The rally builds on gains from earlier in the week, with Xiaomi shares having already climbed as much as 7.7% on Monday to reach their highest level since June 3, according to trading data. The company confirmed that its Pengcheng launch event will take place Thursday, featuring the debut of two new SUV models, the N90 and N70, marking Xiaomi's latest push to expand its rapidly growing electric vehicle business beyond its origins as a smartphone and consumer electronics maker.

Xiaomi entered the automotive market relatively recently, launching its first vehicle, the SU7 sedan, roughly two years ago after building its business for more than a decade primarily around smartphones, household appliances and other smart consumer devices. Since then, the company has moved aggressively to expand its vehicle lineup, with the upcoming N90 and N70 SUVs representing its latest step toward becoming a more diversified automaker alongside established Chinese electric vehicle players.

Xiaomi's push into the SUV segment follows months of steady delivery growth for the company's existing vehicle lineup. The company reported its third consecutive month of surpassing 30,000 monthly vehicle deliveries in June, with cumulative shipments from January through June totaling more than 180,000 units, according to data cited by Citi. That figure represented approximately 33% of Xiaomi's full-year 2026 delivery target of 550,000 vehicles, leaving the company on a pace that analysts have described as broadly consistent with meeting its annual goal, particularly with additional models like the N90 and N70 set to expand its addressable market.

Citi analysts have suggested that Xiaomi's stock could see further gains in the weeks ahead tied specifically to the rollout of its new SUV models, including a previously announced luxury SUV called the YU9, which the bank said could support a rebound in shares following its expected launch. Analysts have also pointed to broader dynamics within China's memory chip sector as a potential additional tailwind for Xiaomi shares, given the company's investment ties to the domestic chip industry.

That connection was highlighted earlier this week when CXMT, a Chinese memory chip manufacturer backed in part by Xiaomi, made its trading debut and saw its shares soar more than 500% on the first day of trading, instantly establishing the company as the fourth-largest global producer of dynamic random access memory chips by market position. The blockbuster debut for CXMT appeared to provide an additional boost to sentiment around Xiaomi more broadly, given the strategic relationship between the two companies.

Xiaomi's broader business results have shown substantial growth over the past year even as the stock's performance has been volatile. The company's full-year 2025 results showed earnings per share of 1.62 Chinese yuan, up from 0.95 yuan in the prior year, while revenue climbed 25% to 457.3 billion yuan and net income rose 76% to 41.6 billion yuan, pushing the company's profit margin up to 9.1% from 6.5% a year earlier.

Even so, some analysts have grown more cautious on the company's near-term earnings trajectory in recent weeks. Consensus forecasts for Xiaomi's fiscal 2026 earnings per share have been revised downward, with the current outlook calling for 1.13 yuan per share, down from an earlier estimate of 1.56 yuan, while the 2026 revenue forecast has been trimmed to approximately 501.1 billion yuan from a prior estimate of 544.6 billion yuan. Net income for the coming year is now forecast to shrink 29%, a notable divergence from the roughly 32% growth rate currently projected for the broader technology industry in Hong Kong. Analyst consensus price targets have also moved lower in recent weeks, dropping to 44.67 Hong Kong dollars from a previous target of 47.84 Hong Kong dollars.

Despite those more cautious revisions, Xiaomi's stock has still delivered strong returns to shareholders over a longer time horizon, with total returns of approximately 128% over the past three years, according to recent analyst compilations, even as the shares have experienced significant volatility along the way, including a period earlier this year when the stock was down more than 34% on a year-to-date basis before staging a substantial recovery.

Wednesday's gains for Xiaomi came alongside broader strength across Hong Kong's technology sector, with the Hang Seng Index opening higher and the Hang Seng Tech Index climbing more than 1% at the start of the session. Other major Chinese technology names also advanced, including Tencent, Alibaba, Meituan and JD.com, reflecting a generally positive tone across Hong Kong-listed technology stocks even as investors continued to monitor broader volatility in global semiconductor markets tied to concerns about artificial intelligence infrastructure spending.

Investors are expected to closely watch Thursday's Pengcheng event for further details on pricing, specifications and expected delivery timelines for the N90 and N70 models, which will offer the clearest signal yet of how aggressively Xiaomi intends to compete against established rivals in China's crowded and rapidly evolving electric vehicle market.