Apple’s China woes stoke $20 billion Xiaomi rally

Apple Inc.’s sales dip in China is providing an opportunity for yet another local Android smartphone maker to win favor with customers and investors.

Xiaomi Corp. has gained about $20 billion in market value since a June low on excitement over its latest handset as well as as forays into electric vehicles and other businesses. The Hong Kong-listed stock rose more than 60% in that span, making it the best performer on the Hang Seng Tech Index.