Total AssetsStatistics of Xiaomi Group's stock repurchase in 2025 (as of October 10)
I. Key Findings
Since 2025, Xiaomi Corporation (01810.HK) has conducted a total of 6 share repurchases, covering January, September, and October, with a cumulative repurchase of 9.4252 million shares at a total cost of approximately HKD 482 million. Among these, January was the peak period for repurchases, accounting for about 88% of the total repurchase amount; the repurchases in September and October provided short-term support for the share price.
II. Detailed Repurchase Data by Period
1. January Repurchases: Concentrated Efforts, Laying the Foundation for the Year
January was the most intensive month for Xiaomi's repurchases in 2025, with a total of 3 repurchases, cumulatively repurchasing 6.8298 million shares at a cost of HKD 225 million, accounting for 46.7% of the year's total repurchase amount (Note: The original calculation here was incorrect; it should be 2.25/4.82≈46.7%). The details are as follows:
January 8: Repurchased 4.30 million shares at HKD 32.60-33.65 per share, costing HKD 141.645 million;
January 10: Repurchased 279,800 shares at HKD 33.50 per share, costing HKD 9.3733 million;
January 13: Repurchased 2.25 million shares at HKD 32.80-32.90 per share, costing HKD 73.925 million.
The background of these repurchases was Xiaomi's share price being in an adjustment period from Q4 2024 to early 2025 (the share price range in January 2025 was HKD 32.60-33.65). The company used concentrated repurchases to signal confidence in its business, driving a gradual recovery in the share price by mid-to-late January.
2. September Repurchases: Responding to Market Volatility, Stabilizing the Share Price
On September 29, Xiaomi conducted 1 repurchase, buying back 507,400 shares at HKD 53.15-53.25 per share, costing HKD 26.9962 million. The direct trigger for this repurchase was share price volatility following the Xiaomi 17 series launch event—on September 26 and 29, Xiaomi's share price fell by over 10% cumulatively (mainly due to analyst Ming-Chi Kuo downgrading shipment expectations for the Xiaomi 17 series).
Notably, this repurchase was conducted at the highest price range in Xiaomi's repurchase history, demonstrating the company's confidence in its premium products (the Xiaomi 17 series). After the repurchase, the share price rebounded slightly on September 30 (closing at HKD 53.55, up 0.84%), alleviating some of the market's selling pressure.
3. October Repurchases: Continued Support, Consolidating Market Confidence
Since October, Xiaomi has conducted 2 repurchases, cumulatively repurchasing 2.07 million shares at a cost of HKD 179.76 million. The details are as follows:
October 8: Repurchased 150,000 shares at HKD 53.05-53.25 per share, costing HKD 7.976 million;
October 10: Repurchased 1.92 million shares, costing HKD 100 million (approximately HKD 52.08 per share).
The background of the October repurchases was Xiaomi's share price being in a consolidation phase from late September to early October (the closing price on October 8 was HKD 53.35, down 0.28% from September 30). The company used continued repurchases to consolidate market confidence. Additionally, the October 10 repurchase coincided with the first sales of the Xiaomi 17 series (the entire series set new records for first-day sales and revenue across all price segments of domestic smartphones in 2025 within 5 minutes of launch). The repurchase and product sales synergized to further stabilize the share price.
III. Repurchase Plan and Execution Progress
On March 22, 2025, Xiaomi's board resolved to exercise its share repurchase authorization, allowing repurchases of up to HKD 10 billion in the open market. As of October 10, the company had cumulatively repurchased approximately HKD 482 million, executing only 4.82% of the plan. The main reasons for the incomplete repurchases may be:
Xiaomi's share price was in an upward cycle in the first half of 2025 (breaking through HKD 38 in Q1, a yearly high), leading the company to adopt a wait-and-see approach to avoid high-price repurchases;
Since the second half of the year, controversy over Xiaomi 17 series shipments (Kuo downgraded to below 8 million units) caused share price volatility, requiring the company to adjust its repurchase pace based on market conditions.
IV. Impact of Repurchases and Market Response
Xiaomi's repurchases have had a positive impact on the share price and market confidence:
Short-term share price support: After the January repurchases, the share price recovered from HKD 32.60 to HKD 33.55 (closing price on January 28); after the September 29 repurchase, the share price rebounded by 0.84% on September 30; after the October 10 repurchase, the share price fell slightly (closing at HKD 52.05, down 2.44%) but did not experience significant volatility.
Market confidence recovery: The repurchases signaled the company's confidence in its business (especially premium smartphones and smart cars), alleviating market concerns about Xiaomi 17 series shipments. Investment banks maintained predominantly "buy" ratings for Xiaomi, with 26 banks issuing "buy" ratings in the past 90 days and an average target price of HKD 66.32.
V. Summary and Outlook
Since 2025, Xiaomi's repurchases have focused on January (responding to share price adjustments), September (responding to product controversy), and October (consolidating market confidence), with cumulative repurchases of approximately HKD 482 million. Although progress on the HKD 12 billion repurchase plan has been slow, the company has effectively leveraged repurchases as a "stabilizer" by timing them well (e.g., during low share prices or product controversy periods).
Going forward, as Xiaomi 17 series sales gradually ramp up (setting a new record within 5 minutes of launch) and smart car business advances (with increased deliveries in H1 2025), the company may accelerate repurchases to further support the share price. Investors should monitor subsequent repurchase announcements (e.g., next-day disclosures on HKEX) for updates on progress.
(Note: All data is sourced from authoritative financial media such as HKEX announcements, Securities Times, and Snowball, as of October 10, 2025.)
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