Lei Jun Became China’s Richest Man

On February 26, Xiaomi Group surged nearly 6%, reaching a high of 56.8 HKD, with a total market value exceeding 1.4 trillion HKD, setting a historical record.

From the stock price low of 8.31 HKD in October 2022, Xiaomi Group’s stock price has accumulated a rise of more than 570%. The total wealth of its founder, Lei Jun, is estimated to be close to 440 billion yuan, surpassing Zhong Sui Sui of Nongfu Spring and Zhang Yiming of ByteDance, becoming China’s new richest man.

Institutions are also bullish on Xiaomi. Goldman Sachs has significantly raised its target price for Xiaomi from 38 HKD to 58 HKD; BOCI has also adjusted its target price for Xiaomi from 50 HKD to 58.2 HKD.

Lei Jun is quite different from China’s traditionally richest men, who mostly came from real estate, consumer goods, the internet, and other industries. Their wealth growth mainly benefited from the economic environment and industry opportunities at the time.

However, Lei Jun’s wealth comes largely from technological innovation: Xiaomi‘s SU7 Ultra motor speed reaches 30,000 revolutions per minute, surpassing Tesla; the Surge OS system turns the car into an AI assistant in seconds.

Currently, Lei Jun’s total wealth estimate is primarily calculated based on assets from three key areas. Firstly, the Xiaomi Group, valued at 1.41 trillion Hong Kong dollars, in which Lei Jun holds approximately 24.2% of the shares. This stake corresponds to a wealth of 341.2 billion yuan. Secondly, the Kingsoft Series, comprising of Kingsoft Office, Kingsoft Software, and Kingsoft Cloud, are three major listed platforms that contribute about 44.1 billion yuan to Lei Jun’s asset wealth. Lastly, Lei Jun also holds a 51% stake in the investment institution Shunwei Capital, which has made successful investments in leading tech companies, such as ByteDance and Unitree Robotics.

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