By WU Yangyu
Smartphone maker Xiaomi’s shares dropped below the IPO price of HK$17 again on January 27 and continued their descent on Friday. In January last year, Xiaomi shares were at their all-time high of HK$35.9. More than 50 percent of Xiaomi’s market value has vanished in just one year.
Since its entry into the electric car arena in April, Xiaomi had been poaching talent and building teams, but nothing material has emerged other than the resignation of founder and CEO LEI Jun from Xiaomi's electronic product company, a move seen as a decision to focus on the EV business.
Lei has said that within three years Xiaomi will be the global phone market leader, a somewhat fanciful goal based on last year’s numbers. In Q4, Xiaomi trailed third in China, with only 12 percent of the market.
