China's Xiaomi on Thursday slashed its initial sticker price for its luxury electric sedan SU7 Ultra by over a third to 529,900 yuan ($72,931.72), mounting a bigger challenge to the likes of Tesla and Porsche in the world's largest auto market.

Some of China's prominent business leaders, including the heads of carmakers BYD and Xiaomi , said they would resist external pressure and keep innovating, following a rare meeting between President Xi Jinping and the private sector.

Mainland China and Hong Kong stocks ended a choppy week lower after a strong performance run since the start of the year.

A government subsidy scheme for electronics purchases has boosted sales in the world’s largest smartphone market.

Xiaomi founder Lei Jun introduces the SU7 Ultra during a launch event held in Beijing, China, Thursday, Feb. 27, 2025. (AP Photo/Ng Han Guan)

Chinese technology stocks advanced sharply on Friday, with Alibaba Group Holding Ltd. jumping 11.41% in Hong Kong trading, as investors responded to positive earnings guidance and anticipated monetary policy easing from Beijing.

Xiaomi has announced its 15 Ultra flagship phone at a launch event in China, where it’s going on sale starting at 6,499 yuan (around $893). The Android phone joins the company’s Xiaomi 15 and 15 Pro,

Currently available only in China, the electric super sedan delivers a staggering 1,527 hp—all for a shockingly low starting price of 529,900 renminbi (approximately $72,800). The SU7 is the first car from Xiaomi,

Xiaomi plans to expand its electric vehicle sales beyond China within the next few years. Company President William Lu announced at the Mobile World Congress in Barcelona. Lu did not provide a specific timeline,

Asian equities were mixed overnight as Indonesia outperformed, Taiwan underperformed, and South Korea was closed for Independence Day.