Xiaomi Receives HK$1.716 Billion Net Buying from Southbound Funds
Claire Weston
Northbound flows were net sellers on July 31, yet Xiaomi (01810) bucked the trend with HK$1.716 billion in net buying — the day's single largest stock — driven by its EV tech launch and new model pre-sales.
Northbound money was selling — so why pile into Xiaomi?
Total northbound trading posted a net sell of HK$481 million — Shanghai Connect bought HK$559 million net, while Shenzhen Connect sold HK$1.04 billion net.
Xiaomi bucked that flow with HK$1.716 billion in net buying, the largest single-stock inflow of the day.
This means → capital was not rotating into a sector; it was betting on one company's single-day event.
What did the launch reveal?
Xiaomi unveiled a new technology platform called Kunlun Architecture and debuted the SkyNomad (澎程) vehicle line.
The five-seat N70 Max opens pre-sales at RMB 259,900; the seven-seat N90 Max at RMB 299,900.
In plain terms = Xiaomi is no longer a pure-EV maker. SkyNomad is an extended-range electric vehicle (EREV) — it pairs a battery with a small engine that recharges on the go, eliminating range anxiety — putting Xiaomi squarely in Li Auto's lane.
What does this move mean for Xiaomi?
Nomura noted that SkyNomad marks Xiaomi's first step from battery-electric vehicles (BEV) into the EREV segment.
This means → Xiaomi's addressable buyer pool expands from pure-EV adopters to families who want long range without full dependence on charging infrastructure.
This reflects the same playbook Xiaomi used in smartphones: high value-for-money plus rapid category expansion — now using EREV to grow the order base.
Can the northbound buying thesis actually pay off?
The key checkpoint is order conversion speed after formal deliveries begin in September — pre-sale pricing is attractive, but production ramp and actual handovers are the hard metrics.
If deliveries go smoothly and orders scale fast, today's buying is front-running the EREV incremental volume.
If deliveries slip or conversion disappoints, the thesis loses its footing. Put simply = the launch buys expectation; delivery proves the case.
Content is for reference only, not financial advice.