China's technology stocks rallied Tuesday. E-commerce firm Alibaba and smartphone maker Xiaomi both saw their stock price surge over 4%, while video games firm Tencent and online services company Meituan also gained.

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 launched its first premium EV in China called the SU7 Ultra, which starts at 529,000 Chinese yuan ($72,627).

Xiaomi's modular camera system for the Xiaomi 15 features a 100MP M4/3 sensor, a 35mm magnetic lens, and LaserLink tech for seamless pro-level photography.