HONG KONG (Reuters) -Shares of China's Xiaomi ( XIACF ) 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.

(Reporting By Donny Kwok and Anne Marie Roantree; Editing by Muralikumar Anantharaman)