BUZZ-Xiaomi hits 3-year peak after launching faster version of flagship EV

Reuters10-31 12:37

** Shares of Xiaomi Corp rise 5% to HK$27.3, their highest since August 2021; on track for third straight session of gain

** Stock is top pct gainer in Hang Seng Tech Index

, which is up 0.9%

** Xiaomi unveiled a luxury version of its SU7 electric sports car, SU7 Ultra, on Tuesday

** Says $114,000 model would rank as the fastest four-door car in production and the first SU7 Ultras would be delivered in March

** Co said it began taking orders on Tuesday and had received more than 3,600 in the 10 minutes after the performance car's debut

** Citi reiterates "buy" rating, lifts target price to HK$30.6 from HK$22.7 after it raises estimates on Xiaomi's smartphone and electric vehicle $(EV)$ business

** The SU7 Ultra indeed boosts Xiaomi EV position to high-end sport car segment, which helps improve the branding and likely promotes SU7 Max shipment, as SU7 Ultra is an expensive version - Citi

** Hang Seng China Enterprises Index gains 0.6% and Hang Seng Index adds 0.5%

** Stock up 66.7% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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