Xiaomi Shares Fall on Concern Refreshed EV Will Hurt Margins

Xiaomi Corp.’s Hong Kong-listed shares fell in Hong Kong trading amid concern the company’s freshly updated electric vehicle will hit profitability after an only minor price increase.

The stock dropped 8.6% on Friday, making it the worst performer on the Hang Seng Tech Index. The shares worst plunge since April came after a 9% rally earlier this week in anticipation of the debut, with sentiment also buoyed by Xiaomi’s rollout of new AI models.