Shares of China's Xiaomi set to rise 2.3% after reporting record profit

Shares of China's Xiaomi were set to rise 2.3% on Wednesday after it reported a record first-quarter revenue and profit and said its shift towards higher-end products from smartphones to home appliances was already paying off.

The Hong Kong-listed shares of the world's third-largest smartphone maker, whose product lines also extend to cars, were set to open at HK$52.75.