Investing.com -- Shares of Chinese tech company Xiaomi (OTC:XIACF) reached a new intraday high in Hong Kong, propelled by the announcement that its upcoming car model, the YU7 sport utility vehicle, is eligible for a purchase tax waiver.
The news, coupled with favorable views from analysts, led to the company's shares rising 7.2% to 48.40 Hong Kong dollars on Tuesday.
The boost in share value follows the late Monday announcement by China's Ministry of Industry and Information Technology that Xiaomi's YU7 sport utility vehicle, scheduled for launch in June or July, will be included in a list of vehicles eligible for exemption or reduction in purchase tax.
In related news, Xiaomi Chief Executive Lei Jun was among a group of private business leaders, including Alibaba (NYSE:BABA) co-founder Jack Ma and DeepSeek's Liang Wenfeng, who attended a Monday meeting with Chinese President Xi Jinping.
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