Xiaomi now commands a market value of about $171 billion, higher than the roughly $160 billion of BYD, China's biggest EV maker, according to LSEG data.

Shares of Xiaomi (OTC:XIACF) rose 2.3% in Hong Kong trading on Wednesday following the release of its record-breaking first-quarter earnings report. The global tech giant, best known as the worlds third-largest

Revenue from Xiaomi’s smartphone and smart devices segment- its biggest moneymaker- rose 22.8% in the quarter, also boosted by increased Chinese government subsidies for electronics. This was supplemented by growing revenue from Xiaomi’s EV and artificial intelligence units, although the units still clocked a loss for the quarter.