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BUZZ-China's Xiaomi hits highest in 7 weeks on blacklist removal news

05/12/2021 02:22
BUZZ-China's Xiaomi hits highest in 7 weeks on blacklist removal news

** Shares of China's smartphone maker Xiaomi Corp 1810.HK rise as much as 6.7% to HK$26.25, their highest since April 28, on course to snap three straight sessions of losses

** Stock last up 4.7%, on track for the best day since March 26; the third most actively traded share by turnover

** Stock is the second biggest percentage gainer in the benchmark Hang Seng Index .HSI and the sixth biggest percentage gainer in the Hang Seng Tech Index .HSTECH

** On Twitter, a Bloomberg reporter said the telecoms group would be removed from a U.S. blacklist after the firm reached a settlement with the U.S. Defense Department nB9N2KU02E

** Xiaomi and the U.S. Defense Department have agreed to resolve their litigation, a court filing showed nFWN2MZ0BO

** The stock had fallen 42.5% from its high of HK$35.90 on Jan. 5 to a low of HK$20.65 on March 9

** The Hong Kong Hang Seng sub-index tracking information technology firms .HSCIIT surges 2.8%, and the Hang Seng Tech Index .HSTECH rises 2%

** The Hang Seng China enterprises index .HSCE climbs 0.7%, and the benchmark index .HSI edges up 0.1%

** By last close, the stock had fallen 25.9% this year


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