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Nikkei Markets

Xiaomi jumps after China launch of low-cost 5G phone

Redmi K30 5G could help company regain lost market share

Xiaomi's shares surged 8.5% to HK$9.99 ($1.28) in Hong Kong on Wednesday, its steepest single-day increase since Nov 2018.   © Reuters

HONG KONG (Nikkei Markets) -- Shares of Xiaomi jumped the most in more than a year, a day after the Chinese handset maker launched a 5G smartphone for the masses -- the world's cheapest yet -- fueling hopes for a rebound in mainland sales.

The Beijing-based company launched the new phone, the Redmi K30 5G, in the mainland with retail prices starting at 1,999 yuan ($284).

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