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Weak earnings led by Xiaomi keep gains in check in Hong Kong as investors await trade war developments

Weak earnings by Chinese smartphone giant Xiaomi as well as Hong Kong and China Gas weighed on the Hang Seng Index, with the ongoing US-China trade war being blamed for at least part of their difficulties.Even so, the Hang Seng Index managed to eke out a small gain on Wednesday, closing ahead 0.15 per cent, at 26,270.04.The Shanghai Composite also held on to a teensy gain – a mere 0.01 per cent, which left it at 2,880.33. The Shenzhen Composite Index ended down a bit, by 0.09 per cent, at…

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Stocks Blog: Xiaomi earnings, Trump's trade comments likely to weigh on Hong Kong opening

Good day traders, Overnight in the US, the S&P 500, Dow and Nasdaq fell, with US President Donald Trump sounding pessimistic about reaching a deal with China anytime soon. Meanwhile, in Hong Kong the city is bracing for another day of protests.    If you have any feedback, please send them to deb.price@scmp.com . — Yujing Liu, Deb Price and Srinivasan Iyer in Hong Kong Source link

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Xiaomi posts 87 per cent quarterly profit decline amid global smartphone market slowdown

Xiaomi Corp, the world’s fourth largest smartphone supplier, on Tuesday missed estimates to report an 87 per cent drop in net profit in the quarter ended June 30, as the global smartphone market continued to slow down.The Beijing-based company’s net profit for the second quarter was 1.96 billion yuan (US$278 million), down from 14.63 billion yuan a year earlier.Total revenue reached 51.9 billion yuan, up from 45.2 billion yuan a year ago, driven by an increase in the average selling price of… Source link

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Xiaomi to equip smartphones with Samsung camera sensors as South Korean giant retreats from China

Chinese smartphone maker Xiaomi announced on Wednesday that it plans to launch two smartphones using Samsung camera sensors, amid the latter’s retreat from China.Xiaomi’s co-founder and president Lin Bin said at a briefing in Beijing that the two companies would launch two new phones, one 108-megapixel Xiaomi brand smartphone and a 64-megapixel Redmi brand smartphone that will both contain some of Samsung’s camera technology.The company did not give more details about these phones nor did it… Source link

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Xiaomi founder Lei Jun to have his third listed company with Kingsoft Office set for new Shanghai tech board

Lei Jun, the founder of Chinese smartphone maker Xiaomi, will soon have a third listed company under his belt after his office software firm Kingsoft Office moved a step closer to trading shares on China’s newly launched technology innovation board in Shanghai.Beijing Kingsoft Office Software’s response to an inquiry from the Shanghai Stock Exchange on its listing application has been updated, according to information published on Monday by the Sci-Tech Innovation Board, known as the STAR… Source link

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China’s Xiaomi pushes global smartphone expansion as it monitors US trade ban on Huawei

A customer uses the first Mi Express Kiosk, a vending machine from China’s Xiaomi Corp, in Bangalore, India, on May 17, 2019. The Beijing-based company, which shipped 27.9 million smartphones in the first quarter, aims “to serve 70 per cent of the world’s population” as part of its expansion strategy. Photo: Xinhua Source link

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Smartphone maker Xiaomi sets up technical committee to build an engineering culture as it pushes into artificial intelligence

Xiaomi, the world’s fourth-biggest smartphone maker, said it will set up a technical committee comprising 19 members as part of its efforts to transform the company into an artificial intelligence-driven company.Cui Baoqiu, the company’s recently promoted vice-president, is chairman of the committee, which will be responsible for technical strategy, collaboration with governments and universities, recruiting and encouraging tech talent and building an engineer culture in the company, according… Source link

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How Xiaomi founder Lei Jun’s US$956m could be better spent – China’s richest should take charity to the next level, like Bill Gates

Lei Jun, the founder and chairman of Chinese smartphone maker Xiaomi, made the headlines last week when it was revealed that he had received a compensation package nearly equal to the company’s profit. For 2018, he took compensation of shares valued at US$956 million. Xiaomi’s adjusted net profit for the year was US$1.3 billion.Admirably, Lei has promised to devote all of these shares, after tax, to charitable purposes. But charity is not the same as philanthropy, and Lei’s remarkable donation… Source link

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Xiaomi founder Lei Jun earned almost as much as the company last year but pledged to donate it to charity

The founder of Chinese smartphone maker Xiaomi Corp received almost as much in compensation last year as the company made in profit.Xiaomi said in a filing to the Hong Kong stock exchange on Wednesday that Lei Jun, its chairman and chief executive, received a one-off compensation of 636.6 million B-class shares for 2018, currently valued at HK$7.5 billion (US$956 million) based on Tuesday’s closing share price.Xiaomi’s annual adjusted net profit for 2018 was 8.6 billion yuan (US$1.3 billion),… Source link

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Xiaomi rebounds with 13.5 billion yuan annual profit, targets greater international expansion

Chinese smartphone giant Xiaomi Corp on Tuesday reported a net profit of 13.5 billion yuan (US$2 billion) last year, rebounding from its 43.9 billion yuan loss in 2017.The Beijing-based company’s total revenue grew 52.6 per cent to 174.9 billion yuan, up from 114.6 billion yuan a year ago, but slightly missed the 176 billion yuan market average estimate from analysts’ forecasts compiled by Bloomberg.That was driven by a 41.3 per cent increase in global smartphone sales to 113.8 billion yuan… Source link

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