Xiaomi’s Market Value Tops $100 Billion, Reaching 2018 IPO Goal
- Stock surge follows strong sales, Hang Seng Index inclusion
- Shares have nearly tripled in 2020 after post-IPO struggles
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Xiaomi Corp. founder Lei Jun can finally rejoice after the Chinese smartphone maker’s market value swelled past the $100 billion mark, a figure his company fell far short of when it listed two years ago.
The firm’s stock rallied as much as 9.1% Wednesday to a fresh record in Hong Kong, making it the 13th stock in the city’s benchmark Hang Seng Index to have a market capitalization above $100 billion. It ended the day 7.6% higher with a market value of HK$802 billion ($103 billion).