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Shares of Xiaomi plunge despite the Chinese tech giant besting earnings expectations

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Chinese smartphone maker Xiaomi saw its stock swoon during Wednesday trade despite posting a fourth-quarter earnings report that beat expectations the previous day.

div > div.group > p:first-child"> In Wednesday's trading session in Hong Kong, shares of Xiaomi dropped 4.59 percent.

Xiaomi's net profit for the fourth quarter more than tripled to 1.85 billion yuan , beating the 1.7 billion yuan average estimate of 10 analysts, according to Refinitiv data. In an interview with CNBC's"Squawk Box" ahead of the market open on Wednesday, Xiaomi CFO Shou Zi Chew attributed the company's fourth-quarter performance to keeping efficiency at"a very high level."

Since hitting an all-time closing high of 21.55 Hong Kong dollars per share on July 18 last year, shares of Xiaomi have plummeted to almost half that value.The stock closed Wednesday at 11.64 Hong Kong dollars.

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