HK Stock Market Move | Xiaomi-W(01810) falls more than 3% again, dropping more than 30% from its peak in June. Goldman Sachs says shorting Xiaomi has become a consensus among hedge funds.

Xiaomi-W (01810) fell more than 3% again, and its current stock price has dropped by more than 30% from the highest point in June of this year. As of the publication, it fell by 3.08% to 42.1 Hong Kong dollars, with a turnover of 30.76 billion Hong Kong dollars. On the news front, according to the latest data from Goldman Sachs' prime brokerage business, hedge funds' short bets on Xiaomi surged by 53% in the past week. The flow of funds in the bank's high-frequency trading department also shows that in the past two weeks, selling dominated by pension funds and hedge funds. The Chinese tech giant is about to announce its third-quarter financial report on the eve of November 18, and investor sentiment is turning cautious. The report pointed out that feedback from hedge funds believes that Xiaomi is "at least a consensus short/sell target in the short term, because of the lack of catalysts." Goldman Sachs research team recently lowered Xiaomi's target price, citing reasons such as: the rise in storage chip prices suppressing smartphone gross margins, AIoT business growth slowing to single digits, and delays in the second phase of the electric vehicle factory impacting deliveries.