Source: e company Author: Mao Jun
Hong Kong stocks plummeted today, with a low of HKD 16.34 at press time, down more than 8%, the largest single-day decline since October 2022, and the stock price hit a new low in nearly 2 months. $XIAOMI-W (01810.HK)$Affected by the big drop of Xiaomi Group, Hong Kong technology stocks generally fell, with Bilibili, Haier Smart Home falling by more than 5%; JD Health, Sensetime, Ali Health falling by more than 4%; Hua Hong Semiconductor, Meituan, Semiconductor Manufacturing International, PA Gooddoctor falling by over 3%. As a result, the Hang Seng Tech Index fell nearly 3% at one point.
Hong Kong blue-chip stocks also weakened, with Tingyi, Nongfu Spring, MMG Resources and other stocks falling by more than 7% during the session, Haier Smart Home, Xinyi Glass and other stocks falling by nearly 6%, and China Overseas Development, Zoomlion, and others falling by over 5.11%.
Recently, the news of Xiaomi Group's vice chairman Lin Bin's shareholding reduction has caused a lot of discussion. According to the disclosure of the Easy website, on June 4, Lin Bin sold 3.333 million shares of Xiaomi at an average price of HKD 17.7704 per share, cashing out about HKD 59.2287 million; on June 5, he sold another 3.333 million shares at an average price of HKD 17.8025 per share, cashing out about HKD 59.3357 million; on June 6, he sold another 3.334 million shares at an average price of HKD 18.0471 per share, cashing out about HKD 60.169 million.
In September 2020, Xiaomi Group issued an announcement that Lin Bin, the vice chairman and executive director of the company, voluntarily promised that within five years from the date of the announcement, Lin Bin and all entities controlled by him would not sell the company's shares that they directly or indirectly beneficially owned at their discretion.
In September 2020, Xiaomi Group issued a statement that the company's Vice Chairman and Executive Director Lin Bin voluntarily pledged that he and all entities controlled by him would not sell the company's shares held by him directly or indirectly at his own discretion within five years of the announcement date.
Xiaomi responded that there was no cash out, and the reduced shareholding was for charity, with RMB 100 million donated to Sun Yat-sen University.
According to previous news from Sun Yat-sen University, on April 17, Lin Bin, an alumnus of Sun Yat-sen University, and Liu Xiangdong, chairman of the Lin Bin Liu Xiangdong Foundation, donated RMB 100 million to Sun Yat-sen University. Gao Song, the president and alumni association chairman of Sun Yat-sen University, presented Lin Bin, an alumnus of the school, with the honorary title of the first honorary director of the school.
Recently, Xiaomi Group has successively released repurchase announcements. The latest announcement yesterday showed that Xiaomi Group repurchased 2.5 million shares on the Hong Kong Stock Exchange on June 26, 2024, for a total of HKD 44.5496 million. Calculated based on the repurchase quantity and cost, the average repurchase price is about HKD 17.82, the highest repurchase price is HKD 17.84, and the lowest repurchase price is HKD 17.78.
According to the announcement, Xiaomi Group's cumulative repurchase of shares over the past three months was 55,148,200 shares, accounting for 0.22% of the company's issued share capital.
Today, Lei Jun, the founder, chairman and CEO of Xiaomi Technology, posted a new message on a social platform, causing heated discussion among netizens and technology enthusiasts. He mysteriously said: "Guess what new product will be released tomorrow?" This brief message accompanied by a promotional poster reveals that Xiaomi will soon launch a new car product.
Lei Jun did not reveal more information about the new product, but the official micro of Xiaomi Auto gave two important hints about the new product: atmosphere and colorfulness. Based on the hints, some netizens speculated that the new product to be launched tomorrow might be the chassis ambient light. This kind of light not only enhances the visual effect of the vehicle, but also can adjust different colors and brightness according to the passenger's preferences, creating a personalized riding environment.
According to the latest data, Xiaomi Auto delivered about 3,300 vehicles last week (June 17 to June 23), ranking seventh in China's new energy vehicle industry. This is the highest single-week delivery record achieved by Xiaomi Auto since it began deliveries in early April. According to Lei Jun's announcement, the target is to deliver more than 10,000 vehicles in June, and to strive for a total delivery of 120,000 vehicles this year.
Huatai Securities recently stated in a research report that it has raised its non-GAAP net profit forecast for Xiaomi for 2024, 2025, and 2026 by 27%, 25%, and 26% to RMB 17.3 billion, RMB 17.7 billion, and RMB 19.2 billion, respectively. The target price based on SOTP is HKD 25, which includes an estimated value of HKD 3.2 per share for Xiaomi's auto business.
Regarding the future trend of the Hong Kong stock market, First Shanghai stated that the overall cautious and wait-and-see atmosphere in the Hong Kong stock market has not dissipated, and the enthusiasm of funds has not rebounded. The stalemate and transformation are still continuing, and the market is waiting for the appearance of new news to make subsequent adjustments. Among them, the upcoming "July 1st Hong Kong SAR Establishment Day" will bring some news that have previously been rumored, such as the possible reduction of dividend tax for Hong Kong stock connect, etc. Whether the relevant parties will take this opportunity to realize and announce them, the market expects it and can pay more attention to the development of the situation.
Editor/Lambor