Chinese Android manufacturers are benefitting from Apple’s decreasing revenue in the country, despite signs of the smartphone market starting to stabilize after years of decline. Xiaomi’s 14 series has received over one million orders since its debut in late October, following Huawei Technologies Co.’s successful release of the Mate 60 Pro. Analysts predict that Xiaomi’s stock could surge even higher due to the potential growth of electric vehicles and artificial intelligence of things. Other Wall Street firms have also cited signs of recovery in China’s smartphone market, with Huawei’s strong comeback triggering appetite for local products.
Xiaomi’s 14 series has an innovative camera and the latest Qualcomm Inc. processor, as well as an operating system called HyperOS designed to connect the smartphone to other AIoT devices. Although Huawei is expected to gain the most market share among Chinese brands, Xiaomi’s technology should help it compete with rivals like Oppo and Vivo. Market watchers believe that Xiaomi’s shares could further increase due to upcoming catalysts, such as Singles’ Day and third-quarter results.
The company has seen an increase in shipments and historical high gross merchandise value for Singles’ Day, leading to strong performance for the 14 series. Xiaomi’s ecosystem of suppliers also provides additional trading opportunities. The rally in Xiaomi’s shares has pushed them into overbought territory, but they could continue to rise given upcoming events and positive market performance.
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