Global stock markets continued to tumble on Monday as Trump’s tariffs cast doubt on trade and business in general. While comments are either indifferent to the global markets or worried about the markets in China, there is one stock that is being closely watched by Chinese netizens: Xiaomi.
- #全球股市巨震 Global stock markets tumble: 750 million views on Weibo, ranking number 1 on the Hot search list
- #全球股市巨震 Global stock markets tumble: 6.26 million views on Rednote, ranking number 2 on the Hot Topic list
- #小米股票 Xiaomi shares: 39.43 million views on Weibo, ranking number 2 on the Hot search list
From netizens’ posts, it is likely due to two reasons: one is that Chinese EV and tech stocks, Xiaomi included, plummeted between 13% and 20%, with Xiaomi on the higher end, and the other is that Xiaomi has been closely watched by investors since the fatal EV accident that claimed three lives last month. The accident raised concerns about smart driving assistance in China.
Xiaomi had been one of the fastest-growing at the stock market before the accident, peaking at 58.20 HKD (7.49 USD) per share and now 36.45 HKD (4.69 USD) per share, down 37.37% in a little more than a fortnight. With the Hang Seng Index dropping 13.22% today, it is of little surprise that Xiaomi also fell.
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