by CHEN Xiaotong

Xiaomi founder and chief executive LEI Jun has bought more than HK$100 million (about US$13 million）worth of the company's shares, Xiaomi said late on Monday, adding to his stake as the stock remains sharply below this year's highs.

Lei acquired 2.6 million Class-B shares on Nov 24 via his wholly owned vehicle Team Guide Limited at an average price of HK$38.58 per share. He now holds interests in 4.063 billion Class-A shares and 1.994 billion Class-B shares, equal to 23.26% of the company's issued share capital. The board said the move reflects Lei's confidence in the firm's long-term outlook.

The stake increase comes days after Xiaomi posted its strongest quarterly results on record. Third-quarter revenue rose 22.3% to 113.1 billion yuan (about US$15 billion), while adjusted net profit jumped 80.9% to 11.3 billion yuan.

Xiaomi's EV and AI "innovative businesses" led growth, with revenue up 199% to 29 billion yuan and EV sales topping 100,000 units, turning an operating profit for the first time.

President LU Weibing told analysts the EV business would remain steady in the fourth quarter but warned that 2026 would be "very challenging" as purchase-tax incentives are halved and competition intensifies.

Xiaomi shares fell on Nov 19 as concerns over future smartphone margins and softer demand weighed on sentiment, with recent safety-related scrutiny around its auto business adding to the cautious tone. The company repurchased 21.5 million shares on Nov 20–21, spending over HK$800 million.

Xiaomi last week marked its 500,000th vehicle off the production line, a milestone the company said highlights the rapid scaling of its auto operations.

Xiaomi shares closed up 1.52% at HK$38.66 on Nov 24 but remain down more than 35% from the June 27 high of HK$61.45.