In June 2025, the highest point of Xiaomi’s stock price was HK$61.45. At that time, Xiaomi’s market value was as high as nearly HK$1.6 trillion, setting a real peak. It was more than 8 yuan higher than Xiaomi’s previous low, an increase of 700%+.
Why it has risen so sharply is of course because of Xiaomi Motors.
In March 2024, Xiaomi launched the SU7. Once this car came on the market, it was really hard to find. It set a history in the history of the Chinese automobile industry and helped Xiaomi’s market value soar.
By June 2025, Xiaomi released YU7 again. Because it is an SUV model, coupled with its beautiful appearance and the reputation of SU7’s best-selling, this car once again went to the altar.
Therefore, as soon as this car was launched, it immediately helped Xiaomi’s market value reach its peak of about 1.6 trillion Hong Kong dollars.
However, after reaching its peak, Xiaomi’s market value immediately went on a roller coaster and began a downward trend. As of now, Xiaomi’s share price is only about HK$24, with a market value of approximately HK$620 billion.
After falling by 60% from its peak, the market value has dropped by 970 billion yuan.
Why did it fall so badly? On the one hand, it has indeed risen too much before. Before the car was released, Xiaomi’s market value was only about 360 billion Hong Kong dollars. After the car was released, Xiaomi’s market value rose to 1.6 trillion, an increase of more than 4 times.
Which is now down to 620 billion yuan. Compared with February 2024, before Xiaomi released its car, it has increased by 80%. If it rises too much, it will inevitably fall back. This is also the law of the capital market.
Secondly, after Xiaomi YU7 was launched, it suffered a lot of public opinion incidents. At that time, it was really overwhelming. The Internet was full of blackmail about Xiaomi cars. Because Xiaomi was so popular, everyone was envious and jealous, which led to a lot of attacks. This will definitely affect the capital market to some extent.
Later, due to the increase in memory prices, Xiaomi’s other businesses, such as mobile phones, were also affected. Its performance was also greatly affected, and profits fell. This will definitely affect the capital market.
By 2026, the entire domestic auto market has become very cold, with the overall market falling by 20%. Xiaomi’s performance can only be said to be average. Compared with SU7 and YU7 when they were first launched, it is obviously different. This will naturally affect the capital market.
If you add this together since 2026, the entire Hong Kong stock market has been average, and many companies have plummeted. Xiaomi has dropped 60% from its high point, which is not a bad drop. Many companies have dropped 70% or 80%. This is true for the entire large market. It is difficult for anyone to be immune.
Many people say that Xiaomi currently only has one card left, and that is the Pengcheng series of cars. Because mobile phones will have little success in the short term, and due to memory chips, they will not have great performance in the future.
As for other AlOT businesses, the same is true. It is not a big cycle now and there will be no big improvement. AI is still in the launch stage. The only real version is Pengcheng. If Pengcheng becomes popular, Xiaomi will perform better in the capital market.
If Pengcheng also performs mediocrely, it may take who knows how long it will take to return to its previous level of HK$1.6 trillion.
Related Reading
- Where is the “last mile” of enterprise AI implementation stuck?2026-10-08
- The second generation bean bag mobile phone has not solved the old problem2026-10-08
- Tencent secretly tests “AI beauty companionship” internally, will real-person companionship be collectively unemployed?2026-10-08
- The circle of AI bloggers is being crowded by “China Theater and Nortel”2026-10-08
- Original: Xiaomi is in big trouble again in India. How much meat will India cut off Xiaomi this time?2026-10-08
