Xiaomi is trading at HK$28.52, down 8.1% as investors lock in gains following a significant multi-day rally driven by optimism surrounding its electric vehicle strategy and smartphone recovery.
- The decline appears to be a technical pullback, with no fresh company-specific news or analyst downgrades reported on July 30.
- Market participants suggest the move is part of a broader sector rotation, as traders capitalize on steep gains made earlier in the week despite strength in global technology benchmarks.