Xiaomi shares pricing ‘near-perfect execution’ after 300% rally

The quadrupling of Xiaomi Corp.’s share price in a little more than a year has made it one of China’s most-expensive tech stocks, raising the stakes for its upcoming results and electric SUV launch.

The Hong Kong-listed stock is trading at 38 times forward earnings estimates, about double the level for Tencent Holdings Ltd. and even above US giants including Apple Inc. Xiaomi’s shares have surged around 340% from a February 2024 low, adding more than $130 billion to its market value.