The smartphone giant Xiaomi has a large number of existing users so the payment service is expected to grow rather fast.
Xiaomi is undoubtedly raising its own bar when it comes to rolling out innovative technologies across its entire product suite.
Currently, there is one “sell” rating, one “hold” rating, and five “buy” ratings for Xiaomi stock. The consensus among Wall Street equities research analysts is that investors should buy Xiaomi shares.
Xiaomi is reportedly planning to develop an electric vehicle. The Chinese smartphone company is said to be collaborating with Great Wall Motor Co Ltd for both its manufacturing plant and its engineering expertise.
Investors are showing positive sentiment based on the court ruling as Xiaomi shares are trading at HKD 24.35, up more than 7% at the time of writing.
Xiaomi, however, reported a positive year whereby its stock rallied over 120%.
Xiaomi has seen significant growth this year owing in part to the woes of its major competitor Huawei that is caught in between the polarized US-China trade wars.
Although there is no official confirmation of the price tag, media outlet Reuters previously indicated Honor brand could bring Huawei up to $15 billion.
The stocks of such companies as Xiaomi, Tencent, and Meituan Dianping recorded a fall of 5.73%, 5.38%, and 7.47% respectively.
Xiaomi more than doubled net income to $716 million in the Q2, beating the highest analyst estimate. Sales increased by 3.1% to 53.5 billion yuan. Xiaomi’s overseas business has recovered to pre-COVID-19 levels.
The shares of Apple (AAPL) saw a slight dip on Tuesday despite a report showing that iPhones sales have been steady amid global decline from competitors.
