Xiaomi announced that it would discontinue the sale of its best-performing smartphone model Redmi K20 Pro by February. The sale cancellation would only be covered in China, but there was no assurance that the restriction would not apply in overseas markets soon.
Xiaomi has shopped over five million units of the Redmi K20 Pro model since it launched in China last May 2019. According to the company's Vice President Lu Weibing, the sale of the unit would still be effective in India.
According to an official statement from Xioami's India executive, it remains as the number one smartphone in the region. The announcement of the cancellation failed to share the reason behind the corporate decision, but a report claimed that it might be for the company to shift its focus on another model.
There have been rumors that its latest flagship model Redmi K30 Pro may launch by March of 2020. The company was also reported to launch the Xiaomi Redi 9A phone and the latest version of its power bank by February 11, 2020.
At present, Xiaomi Corporation's stock has improved by 0.93 percent at 12.96 Hong Kong dollar per share. It opened at 12.66 and closed at 12.96 on the recent market session. Its volume also yielded a 118.3 percent increase from 209.9 million to 177.5 million on a 65-day average.
Xiaomi's per equity ratio was at 25.07 while its earnings per share were at 0.52 Hong Kong dollar. Its market cap is at 307.06 billion Hong Kong dollars while its outstanding shares are set at 23.95 billion Hong Kong dollars.
According to CNN, China has become an indispensable part of the mobile phone industry for years. The country has been driving demand for commodities and that a recent health outbreak may have caused severe and economic market dislocation.
According to group chief economist at Capital Economics Neil Shearing, the impact of the outbreak may be impossible to predict as well as how the government will respond to the changes.
The report claimed that the economic troubles in China have already caused some large companies to build supply chains outside of the country.
In other news, Forbes reported that Apple mistakenly left a code in its newly launched iOS 13.4 beta platform. The feature 'CarKey' that was not announced as a new feature for its upcoming iPhone 12 model led a report to conclude that the company might be giving its users the option to use their mobile phones as digital car keys.
