Shares of Xiaomi-W (01810) surged more than 4% during the trading session. At the time of writing, the stock was up 3.44% to HK$25.86, with a turnover of HK$5.844 billion.

The move follows a recent announcement from the company. On July 9th, Lei Jun, Chairman of Xiaomi Group, revealed the company's second automotive product series via social media, named 'SkyNomad Xiaomi Pengcheng'.

Lei Jun clarified that Xiaomi's automotive division now operates two distinct product lines. The SU7/YU7 series is positioned as the "driver's car," while the newly announced Pengcheng series targets the "intelligent, variable large-space SUV" segment, creating a differentiated product strategy.

He disclosed that the Pengcheng series was planned and approved in early 2023. It is built on the Kunlun architecture and is set for an official launch soon.

In a previous research note, Goldman Sachs highlighted that Xiaomi Group is entering a period rich with potential catalysts in the coming months. The bank pointed out that progress in smart electric vehicles and artificial intelligence will be a core focus for investors.

Goldman Sachs believes the third quarter could present a potential turning point for the company, both in terms of market sentiment and financial performance.