Hong Kong Stocks Close Lower; Xiaomi Jumps 4%; XPeng Drops 3%
Hong Kong stocks closed lower on Friday. The Hang Seng Index fell 0.2%, while the Hang Seng Tech Index rose 0.1%.
In terms of star stocks, Xiaomi rose 4%; Pop Mart and Kuaishou rose 2%; Laopu Gold rose 1%; while XPeng fell 3%; Baidu, NIO, and Li Auto fell 2%; BYD fell 1%.
Chinese EV and smartphone maker XIAOMI-W on Thursday priced its new electric YU7 SUV from 253,500 yuan ($35,364), almost 4% below Tesla's Model Y, stepping up the challenge to the U.S. firm in the world's largest auto market.
The YU7's base model costs 10,000 yuan less than the starting price of Tesla’s Model Y in China, with the more premium models YU7 Pro and YU7 Max priced at 279,900 and 329,900 yuan respectively.
Xiaomi started taking orders for all three models on Thursday night, with orders hitting 200,000 in 3 minutes after the sale started at 10 p.m. (1400 GMT)
The Model Y, which was China's best-selling SUV in May, starts at 263,500 yuan in China.
Xiaomi said it will partner with BYD, GAC Toyota and Zhengzhou Nissan to build an ecosystem connecting humans, homes and cars.
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