China smartphone market perks up as sales of new Xiaomi model off to roaring start

📆 25/04/45 10:29 ص
📰 ChannelNewsAsia

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BEIJING : Xiaomi's sales of more than 1 million units of its latest flagship smartphone in the week since its launch are a fresh sign that a slump in China's phone market could be nearing an end, analysts said.

FILE PHOTO: People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. REUTERS/Nacho Doce/File Photo

"Sales of the Mi 14 series have exceeded 1 million units and the phones are still in severe short supply," Xiaomi Chief Executive Lei Jun wrote on the microblogging platform Weibo this week. The robust launch"reinforces signs of the market bottoming out," said Will Wong, an analyst with industry research firm IDC.

IDC predicts the Chinese market is on track to achieve year-on-year sales growth in the fourth quarter after ten consecutive quarters of decline. It did not specify the level of growth.

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