Shares of China’s second-largest cell phone maker, Xiaomi Group, have dropped almost 40 percent in value since the company was blacklisted by the U.S. government in January, and its market value has now evaporated by more than HK$300 billion ($38.64 billion). Following the first open day on the Hong Kong Stock Exchange in 2021, Xiaomi’s share price reached HK$35.9 ($4.62) on Jan. 5, pushing its market value up to over HK$900 billion ($115.93 billion), according to Yahoo Finance. The value has now shrunk to around HK$600 billion ($77.29 billion), a drop of more than HK$300 billion ($38.64 billion) since the beginning of this year. On March 11, Xiaomi Group announced (pdf) it would periodically repurchase its own shares from the open market for a maximum total of HK$10 billion ($1.29 billion). Since the start of a new bull market in 2021, technology stocks have seen a sharp pullback, and Xiaomi is …