Xiaomi shares strongly rebound after the recent selloff

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Chinese smartphone maker Xiaomi was significantly raised on the Hong Kong Stock Exchange on Friday. Investors welcomed news agency Reuters’s announcement that the world’s third-largest smartphone manufacturer wants to build electric cars in a factory owned by Chinese car manufacturer Great Wall Motor. Xiaomi seems to follow its US competitor Apple, which is also reportedly working on its own self-driving electric car.

Xiaomi thickness almost 9 percent and Great Wall Motor became worth 10 percent more. The Hang Seng index in Hong Kong recorded an interim profit of 1.6 percent. On the other hand, the Chinese tech group Baidu and Webshop Alibaba went further down in Hong Kong, dropping 4.7 percent and 1.8 percent. Baidu and Alibaba lost ground the day before, fearing that they might lose their Wall Street stock market listing due to the introduction of new rules in the United States.

The Nikkei in Tokyo went up 1.6 percent the weekend at 29,176. 70 points. The Japanese technology companies in particular showed a recovery after the recent heavy exchange rate losses. The higher closing positions on Wall Street, where the vote was supported by positive signals about the recovery of the American labour market, provided support to stock exchange trading. Tech investor SoftBank, a heavyweight in the Nikkei, won almost 2 percent. The Japanese chip companies Tokyo Electron and Advantest received 1.8 and 4.7 percent more.

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