Xiaomi's Electric Vehicle Orders Propel Stock Surge in Hong Kong

Xiaomi Corp. experienced a significant surge in Hong Kong as orders for its inaugural electric vehicle surpassed expectations. This positive development has ignited hope for the smartphone manufacturer's prospects in China’s fiercely competitive car market. Initially, the shares soared by as much as 16% before moderating gains on the initial day of trading following the launch of Xiaomi's cars. The company confirmed that it garnered orders for nearly 90,000 units within 24 hours, further contributing to the bullish sentiment surrounding its foray into the electric vehicle segment.