Xiaomi’s market value rose to over $171 billion on Wednesday, surpassing that of China’s largest electric vehicle maker, BYD, which stands at about $160 billion, according to LSEG data.
Shares of Xiaomi jumped as much as 3.4% after the company reported record revenue and profit for the first quarter. The Hong Kong-listed stock hit HK$53.3 in early trading before paring gains. It was last up 0.6% in afternoon trading.
The world’s third-largest smartphone maker said its push into higher-end products across smartphones and home appliances contributed to the strong performance.
Xiaomi’s business portfolio now includes electric vehicles, smartphones, smart home products, and other consumer electronics. The company’s diversification has allowed it to withstand pricing pressure in China’s EV market, where manufacturers have cut prices to attract buyers.
Xiaomi did not provide a detailed outlook but indicated that the shift toward premium products was supporting growth.
The company’s results and growing valuation place it among the top players in China’s tech and manufacturing sectors.
