AsianFin -- Shares of Xiaomi Group took a sharp downturn in the Hong Kong stock market following reports of an accident involving the Xiaomi SU7 electric vehicle. After the market reopened in the afternoon session, Xiaomi's stock experienced a significant decline, closing the day down 5.59%.
As a result, the company's market capitalization shrank by 80 billion yuan compared to the previous trading session. The incident has raised concerns among investors, impacting confidence in Xiaomi’s newly launched EV venture.
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