Mumbai, November 13: Apple's sales in China have been slow due to restrictions on iPhones in sensitive departments. According to the reports, in September, the Chinese government banned Apple's iPhones in government-backed agencies and state companies. Following these restrictions, the sale of the iPhones has been affected. On the other hand, the local brands like Huawei and Xiaomi smartphones witnessed increased sales in China.

According to reports, the Chinese smartphone manufacturer has gained a $20 billion market value since June due to low excitement of the latest device, EVs, and other businesses. The company has recently launched its Xiaomi 14 series in China with a Snapdragon 8 Gen 3 processor, and it reportedly received a million orders in October 2023. WhatsApp New Feature Update: Meta-Owned Messaging Platform Working on Secret Code Feature for Locked Chats on Android

How is Xiaomi Performing in China?

According to reports, the Chinese smartphone companies are capitalising on Apple's declining revenues. Since June, the Hong Kong-listed stock increased by over 60%, making the company the best performer in the Hang Seng Tech Index. Moreover, the Xiaomi 14 series has received one million orders last month, making it reportedly a "second-smash" debut after the Huawei Mate 60 Pro. Even if Huawei is unlisted, investors are buying its shares.

Opportunity for EV and AIoT in Coming Months:

The reports say that the stock of Xiaomi increased due to the Xiaomi 14 series orders, which some analysts predict could even perform better. Gokul Hariharan, an analyst at JPMorgan Chase, also hinted about the growth turnouts of smartphones and artificial intelligence of things (AIoT), which serve best for building Xiaomi's EV foray. Copilot: Microsoft May Bring Its AI-Powered Personal Assistant to One Billion Windows 10 Users, Says Report.

The comeback of Huawei with its Mate 60 Pro has reportedly changed the trend and excited smartphone users to want new innovative devices and technologies. Also, with the release of the Xiaomi 14, the excitement has doubled as the new smartphone from Xiaomi packs the latest Snapdragon chipset, powerful camera quality, and overall flagship features. iPhone sales declined in the Chinese market as consumers fail to perceive the new iPhone's functionality improvements.

(The above story first appeared on LatestLY on Nov 13, 2023 10:42 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).