According to a new report, Xiaomi Group’s stocks have been on a constant rise with its recent value rising by 4.73 percent. It was reported that before the day-end it had reached a price of 10.4 HKD which sets a new high for the company since July 2019. The current total market value now sits at 249.834 billion HKD or roughly 32 billion USD.
One of the factors leading to this consistent growth in value has been accredited to the Redmi K30. The smartphone is the first 5G handset from Xiaomi’s subsidiary, Redmi, which is a successor to the popular Redmi K20 series. According to various analysts and brokers, the smartphone is undoubtedly a factor in the rising stocks, with many reiterating on their positive views of the company’s market value.
Redmi K30 was unveiled on 10th December 2019 in two variants, namely a 4G and 5G version. The former is currently available for purchase while the latter will be available in January 2020. The smartphone arrives with top-notch specs and features (like 120Hz refresh rate and Snapdragon 765G) alongside its highlighting 5G networking capabilities at a very aggressive price; this marks the first time a 5G handset is available for under 2000 Yuan or roughly 286 USD.
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It is expected that the Xiaomi Group is set on a positive trend which would see its adjusted earnings increase by 29 percent in 2020. CICC (China International Capital Corporation) even gave the smartphone manufacturer an Outperforming rating and a target price of 13.5 HKD per share.
According to Lei Jun, the Founder and Chairman, Xiaomi will continue to promote and develop 5G smartphones in the near future with the release of smartphones over 2000 Yuan in the first half of 2020. The company is also expected to launch at least ten 5G smartphones in 2020 which is in line with many of its senior executives’ belief of 5G being an important advancement in technology.
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(Via)
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