China’s smartphone giant Xiaomi has reassured investors with strong quarterly profits after an unexpectedly difficult IPO in Hong Kong last month.
The eight-year-old company, now valued at $55.7bn, reported a net profit of Rmb14.6bn ($2.1bn) in the three months to the end of June, compared with a loss of Rmb7bn in the previous three months.
Xiaomi has had a rocky six months: it reported a $1bn quarterly loss ahead of its IPO in June, and the IPO achieved a valuation of $54bn, half the initial target of $100bn. Shares subsequently fell below their IPO price, with the company blaming rising trade tensions between the US and China, but have recovered over the past three days.
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