Xiaomi 14 Sells Well, Sign of Chinese Cellphones Rising from the Tech Abyss – 6 hours ago

Jakarta, CNBC Indonesia – Xiaomi recorded sales records during the National Shopping Day (Harbolnas) period in China, called ‘Singles Day 11.11’ last week.

From October 23 to November 11 2023, Xiaomi claims product sales worth more than 22.4 billion yuan or the equivalent of IDR 2.3 trillion, quoted from CNBC International, Tuesday (14/11/2023).

Sales of the product were held on various e-commerce platforms in China, such as Alibaba’s Tmall and Taobao, JD.com, Pinduoduo, and Douyin. Xiaomi shares rose 2% at the opening of trading in Hong Kong on Monday (13/11) morning.

The latest cellphone Xiaomi 14 is said to be the best-selling product on Tmall on November 4-11. According to Xiaomi, its latest flagship also occupies first place in the Chinese HP brand sales category on other platforms.

“Sales of Xiaomi 14 which are above expectations will boost revenue and potentially increase the company’s value in the future,” said HSBC analysts in a report dated November 6.

“We raise Xiaomi’s shipment forecast to 7% in 2023 and 6% in 2024,” he added.

Over the past decade, Singles Day has evolved from a 1-day shopping festival, to a week-long festival. You could say that this day is an important moment for e-commerce to record sales.

However, in the last 2 years, the two Chinese e-commerce giants did not publish their sales records during Singles Day.

JD only claims that the transactions and sales volume this time set a record. Alibaba said gross merchandise value (GMV) grew from last year.

In terms of brands, JD said the transaction volume of Apple products reached 10 billion yuan in the 11.11 campaign period. This figure is the same as that published in 2021.

Overall, the Chinese and global cellphone markets are still sluggish. However, analysts say China’s cellphone market is starting to recover from its downturn.

This is marked by the popularity of the Xiaomi 14 on the market. Apart from that, Huawei’s comeback with the Mate 60 Pro line also received great enthusiasm from Chinese people.

IDC analyst Will Wong said Xiaomi’s achievements were a sign that the market was strengthening again. The Chinese market is thought to be on the right track to return to normal.

IDC stated that year-on-year sales growth in the Chinese market will be positive in the fourth quarter. However, the research company did not provide more details about the growth rate.

[Gambas:Video CNBC]

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