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And it wasn’t just a marketing stunt; both companies showed up in countless product announcements, all without actually unveiling any new products of their own.

Analysts said that Xi's remark showed that the leadership expects highly of the board, the role of which should be further elevated to help boost the country's technological progress and high-quality growth.

Analysts at China International Capital Corp Ltd said in a research note that A-share valuations could be more attractive after the latest correction and the stock prices will likely be supported by the listed companies' earnings improvements.

Analysts said that the Chinese smartphone market is expected to see a reshuffle as smartphone consumption slows down with almost all Chinese people owning at least one mobile phone.

And therein lay the clue.