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Chinese technology stocks faced a notable decline on March 25, 2025, with the Hang Seng Tech Index dropping 3.8% and nearly 9% since its peak on March 18. Xiaomi Corp's shares fell over 6% due to a US$5.5 billion share placement, raising liquidity concerns, while Alibaba's stock dropped more than 3% amid warnings of a potential bubble in data center construction. Sunny Optical Technology Group experienced a nearly 9% decline after signaling market restructuring due to excess capacity, prompting increased caution among investors in the sector.
Xiaomi Corp. has initiated a share sale aimed at raising up to $5.3 billion to support its electric vehicle expansion. The company plans to offer 750 million shares priced between HK$52.80 and HK$54.60, reflecting a discount of 4.2% to 7.4% from its last closing price in Hong Kong. This move follows a significant fundraising effort by EV giant BYD Co. of $5.6 billion.
Xiaomi Corp plans to raise up to $5.27 billion through a share placement of 750 million Class B shares, priced between HK$52.80 and HK$54.60 each. This pricing reflects a discount of 4.2% to 7.4% from the company's closing price of HK$57 on March 24. The funds will be allocated for business expansion, research and technology investments, and general corporate purposes.
Xiaomi Corp. is set to expand its second electric vehicle factory in Beijing, aiming to meet increased sales targets of 350,000 units this year. The factory, located in the Yizhuang district, began construction last year on a 53-hectare site and will now include an adjacent 52-hectare plot, with production expected to start mid-year.
Apple's iPhone shipments in China fell 21% year-over-year in January, marking a significant decline from December's growth. Despite ongoing challenges and competition from domestic brands like Huawei and Xiaomi, Goldman Sachs remains optimistic, maintaining a "Buy" rating on Apple with a price target of $294, suggesting potential upside. The latest data indicates a slight stabilization in foreign-branded phone shipments, which rose 17% month-over-month, although still below historical averages.
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Chinese tech stocks decline as Xiaomi and Alibaba face market concerns
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Steven Leung
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