Xiaomi founder and CEO Lei Jun has officially become China’s richest individual after the company’s shares rose nearly 6%, pushing its market value above HK$1.4 trillion (around US$180 billion).

Xiaomi stock reached a record high of HK$56.8 (approximately US$7.3), marking a dramatic recovery from its October 2022 low of HK$8.31 (about US$1.07), a gain of over 570%.

As of the latest estimates, Lei Jun’s personal wealth stands at 440 billion yuan (around US$60.6 billion), surpassing ByteDance founder Zhang Yiming.

The majority of his fortune comes from his 24.2% stake in Xiaomi, valued at around 341.2 billion yuan (approximately US$46.99 billion).

He also holds a 51% share in Shunwei Capital, an investment firm active in tech sectors.

Financial analysts remain optimistic. Goldman Sachs recently raised its price target for Xiaomi from HK$38 (about US$4.89) to HK$58 (around US$7.46), signaling strong confidence in the company’s growth outlook.

An Innovation-Driven Growth Story Fueled by R&D

Speaking as a deputy to the 14th National People’s Congress, Lei Jun emphasized Xiaomi’s commitment to technological advancement.

“Over the past 15 years, Xiaomi has deeply understood that technological innovation is the cornerstone of progress,” he said.

Lei noted that the company had pledged five years ago to invest 100 billion yuan (US$13.8 billion) in core technologies and has now exceeded that target with 105 billion yuan invested.

Under its innovation strategy, Xiaomi has remained one of the world’s top three smartphone manufacturers for 18 consecutive quarters.

Its smart home IoT platform, developed with ecosystem partners, connects over 900 million devices globally, making it the largest consumer IoT platform in the world.

“This reflects the growing global recognition of Chinese technology products and brands,” Lei added.

From NEVs to Super Motors: Xiaomi’s Automotive Breakthrough

Xiaomi entered the new energy vehicle (NEV) market in 2024, launching its first model in March of that year. In just nine months, the company delivered 135,000 vehicles.

One of its standout innovations is the Xiaomi Super Motor V8S, developed and manufactured entirely in-house, and recognized as the world’s highest-performance mass-produced drive motor.

Despite being new to the sector, Xiaomi received strong consumer approval. Lei credited the success to the company’s breakthroughs in engineering and product performance.

He also expressed gratitude toward Beijing, calling it a “fertile ground” for Xiaomi’s development.

A Viral Clip Captures Lei Jun’s Inspirational Rise

A short video showing Lei Jun marketing Xiaomi products on the street in 2011 has gone viral, contrasting with footage from 2025 where he appears surrounded by fans, cameras, and bodyguards.

The clip has struck a chord across social media platforms, with many calling it “the most motivational thing I’ve seen all year.”

Netizens were captivated by the visible transformation, one that reflects years of persistence and vision.

Some viewers referred to Lei as “China’s Steve Jobs,” while others suggested the video should be studied in business schools for its brand-building message.

From Village Inventor to Tech Icon

Born in 1969 in Xiantao, Hubei Province, Lei Jun grew up in a household led by schoolteachers.

His father, earning just $7 a month, encouraged his curiosity. As a child, Lei built the first electric lamp in his village using wires, two batteries, and a wooden box.

After graduating in computer engineering from Wuhan University in 1991, Lei joined software firm Kingsoft in 1992 and eventually became its CEO.

He also founded online bookstore Joyo.com, which was later sold to Amazon for US$75 million.

In 2010, Lei co-founded Xiaomi alongside former Google executive Lin Bin. He built the brand from the ground up, often seen personally demonstrating products on the street in its early days.

Xiaomi has since grown into a global consumer electronics powerhouse.

PHOTO: REUTERS

This article was created with AI assistance.