China's Xiaomi loses most in six months; plans $8.7 billion in AI investment

Shares of Xiaomi Corp 1810.HK fall 6.8% to HK$33.84, their biggest intraday pct drop since September 26

Stock touches its lowest level since March 16

Stock is top pct loser in the Hang Seng Index .HSI and the Hang Seng TECH Index .HSTECH, which slip 0.4% and 1.3%, respectively

The Chinese smartphone and electric vehicle giant will invest at least 60 billion yuan ($8.70 billion) in artificial intelligence over the next three years, CEO Lei Jun said on Thursday, a day after the company officially unveiled its new flagship AI model MiMo-V2-Pro

Xiaomi said that its updated SU7 vehicle was priced from 219,900 yuan ($31,870) as it keeps racing against Tesla TSLA.O with the new SU7 less expensive but with a longer range than Tesla Model 3

YTD, stock down 13.4%