Xiaomi dips on Huawei move

Xiaomi's (1810) shares once slipped as much as 11 percent in Hong Kong on the news that Huawei is returning to the smartphone sector.

Huawei has initiated a comprehensive plan to re-enter the global smartphone market with a focus on the domestic market initially, followed by overseas expansion, mainland media IT Home reported.

The firm has increased its smartphone shipment target for this year from the initial 30 million to 38 million units, with 20 million units already completed, leaving 18 million units yet to be fulfilled.

Xiaomi closed 1.68 percent lower HK$11.7.

Meanwhile, Sunny Optical (2382) saw August shipments of handset lens sets jump by 17 percent year-on-year to 108.2 million units, while Q Technology (1478) saw a 9.6 percent decrease in mobile phone camera set sales in August compared to the previous year, with a total of 31.1 million units sold.