Elevator Pitch
Hong Kong-listed internet company and smartphone manufacturer Xiaomi Corporation (XIACY) (XIACF) [1810:HK] currently trades at 18.6 times consensus forward FY2019 P/E and 14.0 times consensus forward FY2020 P/E based on its share price of HK$8.94 as of September 5, 2019. Xiaomi's current share price is slightly more than half of its IPO price of HK$17 when it listed in July last year. On September 3, 2019, Xiaomi announced a HK$12 billion share repurchase plan, representing approximately 5% of its current market capitalization.
While Xiaomi's share price has fallen significantly