Shares in Xiaomi Corp. , 1810.HK , rose in Hong Kong after a design for what could be the company’s first electric car leaked. Analysts say the car-making venture looks risky, but it could also pay off.
Shares of the Chinese technology company rose as high as HK$13.32 intraday on Thursday, the highest level since late July 2022. Thursday is the first trading day after the Lunar New Year holiday. The stock closed up 12.98% at HK$13.40, its highest closing price in almost seven months.
In recent days, users of the Chinese social media site Weibo have flooded photos of car molds related to Xiaomi’s electric car plans. A Xiaomi spokesman told The Wall Street Journal on Thursday that the leaked photos came from a supplier, adding that they were early car designs and not final prototypes.
Xiaomi Group announced in 2021 that it is seeking to enter the field of electric vehicles. The company said it plans to launch its first car in the first half of 2024. The company is known for smartphones, televisions and other electronics.
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