Xiaomi's Buyback Spree Meets a Skeptical Voice on the Sell-Side
Published on 10/25/2026 at 18:01 | Editorial boerse-global.de
Xiaomi shares finished Friday up 2.6%, helped along by a general recovery across the Hong Kong market and, according to media reports, by the company's recent commentary on research spending and connected vehicles. The advance came on the heels of a fresh round of share repurchases that had already caught the market's attention.
Two Days, Two Buybacks
The company disclosed Thursday that it had purchased 4,086,000 Class B shares for roughly HK$105 million, at prices ranging from HK$25.70 to HK$25.92 apiece. The stock is slated for cancellation, though Xiaomi has not yet reported that the cancellation itself has been completed.
A day earlier, the group had already flagged the acquisition of 1,900,000 Class B shares for about HK$50,950,964 — also earmarked for cancellation. Separately, Xiaomi reported the issuance of 31,000 new shares under its share plan, priced at HK$1.47 each, per the filing with the Hong Kong exchange.
Should investors sell immediately? Or is it worth buying Xiaomi?
Lei Jun's Long-Horizon Spending Plans
Speaking at the World Intelligent Connected Vehicles Conference 2026, CEO Lei Jun put some hard numbers on the group's technology ambitions. Xiaomi has plowed RMB 105.5 billion into research and development for core technologies over the past five years, he said, and he expects outlays to exceed RMB 200 billion over the next five.
Lei Jun also offered a sense of scale for the connected-device business: worldwide connections of internet-of-things devices have now passed the 1.1 billion mark. In electric vehicles, he pegged the average selling price at more than 260,000 yuan.
Results Due in Late November
Investors will get a closer look at the underlying business on 24 November 2026, when the board is scheduled to review and approve the unaudited consolidated results for the third quarter of 2026. The same agenda covers the figures for the nine months ending 30 September 2026.
Not everyone is convinced. On 12 October, China Renaissance downgraded Xiaomi from "Hold" to "Sell" and set a price target of HK$20.50.
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