Xiaomi to launch 10 new 5G phone models

Business | Kevin Xu and Reuters 20 Nov 2019

Mainland phone maker Xiaomi (1810) will launch at least 10 smartphone models with 5G support next year, said chairman and chief executive Lei Jun.

He also said that by the first half of 2020, all of the brand's phones over 2,000 yuan (HK$2228.94) would support 5G networks. Although the mobile phone market has been contracting since 2017, the demand for new 5G phones will boost the market, Lei said.

Xiaomi's shares added 1.06 percent to HK$8.56 on Tuesday.

Last month, Xiaomi once peaked at HK$9.19, after Shanghai and Shenzhen stock exchanges announced that they would allow Hong Kong-listed dual-class shares to be included in the Stock Connect scheme for the first time. The rule change meant mainland investors were able to directly buy Xiaomi stocks, as the policy took effect last month.

Growth for the Beijing-based company has slowed sharply as the global smartphone market shrunk and local competition increased.

Xiaomi's market shares in China declined by a fifth in the April-June quarter, even as that of smartphone giant Huawei Technologies surged by 31 percent, according to research firm Canalys.

The company's efforts to push into higher-margin internet services - to complement razor-thin margins on its smartphones - has also disappointed investors as it has struggled to wring more money out of its growing number of users. But its cheap smartphones have stayed popular among Indian consumers, who are buying more phones as mobile data becomes more accessible.

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