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Xiaomi Corporation (1810): In the first quarter of 2026, recorded a total revenue of RMB 99.14 billion, representing a year-on-year (YoY) decrease of 10.9%. Profit for the period plunged by 56.5% YoY to RMB 4.73 billion , while non-IFRS adjusted net profit decreased by 43.1% YoY to RMB 6.07 billion. The overall decline in performance was primarily driven by headwinds including global geopolitical uncertainties and sharp price increases in core components such as memory and bulk commodities. High core component costs and intensifying industry competition will continue to present challenges.
A surge in chip stocks propelled the S&P 500 and Nasdaq indices to new record highs
A surge in chip stocks propelled the S&P 500 and Nasdaq indices to new record highs. Micron Technology, upgraded by UBS, saw its share price soar nearly 19% and surpass a trillion-dollar market capitalization, driving AMD, Qualcomm, and other AI supply chain companies to rise collectively. Meanwhile, the US Conference Board's May consumer confidence data reflected high inflationary pressures, with nearly two-thirds of Americans cutting spending due to high food and energy costs; at the same time, the market expects high interest rates to persist for a longer period under the leadership of new Federal Reserve Chairman Kevin Warsh, further flattening the US Treasury yield curve.
On Tuesday, Hong Kong Stock Connect saw a net outflow of HK$968 million, with Lenovo Group (00992) experiencing the largest inflow at HK$781 million, followed by SMIC (00981). Tencent Holdings (00700) recorded the largest net outflow at HK$1.57 billion, followed by Alibaba-W (09988).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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