Could Xiaomi be the next biggest global tech giant?

With talk about the upcoming Redmi Note 11T series launch and plans to mass produce its own cars in 2024, some big brokers such as UOB Kay Hian, have listed $XIAOMI-W(01810)$ stocks with a “buy” rating, with expectations tooutperform its peers with continued growth in global market share. 

With China’s nationwide lockdown due to the COVID-19 outbreak, Xiaomi suffered a fall of 4.6% in Q1 revenue, from supply chain disruptions. However, after the holiday quarter, Xiaomi reported a quarterly profit that beat analysts' estimates, with sales increasing 21 per cent to 85.6 billion yuan, beating the average prediction of 81.5 billion yuan. 

The rapid growth of Xiaomi in the international markets has resulted in the china-based tech company to be the third largest smartphone producer globally, with its 2021 share of global shipments being comparable with tech giants Apple and Samsung. Although Xiaomi’s main market is skewed towards the mass market (with the average selling price of its handsets 75% cheaper than Apple’s), Xiaomi is looking at delving into the high-end and premium markets which could further increase their revenue and pushing the company past its competitors. 

With China's xiaomi overtaking Apple’s share of global shipments in 2021, could Xiaomi really be victorious in its self-declared war against Apple?

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