Photo/Li Xing (NBD)

Xiaomi’s newly launched YU7 GT has seen strong early demand, but a parallel gray market for “order transfers with cashback” is quickly gaining traction.

A salesperson at a Xiaomi offline store in Beijing told National Business Daily that consumer interest surged over the launch weekend. On May 24 alone, the store’s 10 sales staff sold 11 units.

The YU7 GT officially went on sale on May 21 at a price of 389,900 yuan, requiring a 20,000 yuan deposit. Buyers can receive a refund within three days if the order is not locked, with delivery scheduled in one to six weeks.

At the same time, second-hand platforms are now flooded with listings offering cashback between 2,000 yuan and 10,000 yuan for transferred orders. Sellers typically ask buyers to place orders using their accounts. Once delivery is completed, the seller can reclaim deposits from previously canceled orders and share part of that with the buyer.

Motivations vary. Some sellers aim to profit from arbitrage opportunities, while others seek to reduce losses. One buyer who secured an order within five seconds said he planned to transfer it after deciding not to proceed: “Canceling directly would cost me 20,000 yuan, so this way I lose less.”

However, Xiaomi has warned consumers against such transactions. Sales staff and customer service representatives stressed that third-party deals are “unreliable” and may involve fraud risks. They also denied claims that sales personnel act as intermediaries.

The trend is linked to two internal policies: one allowing reactivation of canceled orders placed before February 28, 2026, and another enabling users to place a new order and later refund the deposit on an existing one. Both policies are reportedly temporary and may end by late May.

Despite the lure of cashback, buyers are advised to stick to official channels to avoid potential financial risks.