Chinese smartphone maker Xiaomi Corp said on Tuesday it will buy back up to HK$1...
FILE PHOTO: Attendants are silhouetted in front of Xiaomi's logo at a venue for the launch ceremony of Xiaomi's new smart phone Mi Max in Beijing, May 10, 2016. REUTERS/Kim Kyung-Hoon/File Photo
The Beijing-based company, which listed its shares in July last year, has lost nearly a third of its market value so far this year. Its growth has slowed sharply as the global smartphone market has shrunk and local competition has increased. Xiaomi’s stock has also been hit by losses at the Hong Kong stock market, which has plunged since massive anti-government protests started in the city in June. Companies on the city’s exchange have collectively bled $152 billion in value since June.
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