According to Tianyancha App, recently, Lei Jun, founder of Chinese consumer electronics giant Xiaomi, withdrew from his position as director of Youpin Information Technology Co., Ltd., a Xiaomi affiliate that goes by the name of Xiaomi Youpin. Wang Chuan, co-founder of Xiaomi, also withdrew from the position of chairman and director of the company.
The company was established in April 2018 with a registered capital of 50 million yuan ($7.85 million), and its business scope includes online cultural operations, online sales, ticket agency service, and other such services. The company has four shareholders, of which Lei Jun holds 70% of all shares.
Launched in 2017, Xiaomi Youpin is a new lifestyle e-commerce platform under Xiaomi. It is engaged in life consumer goods relying on Xiaomi‘s ecological system and it is an important part of the company’s “new retail” strategy.
Though boasting a diverse offering of products through it platform, including household items, smart devices, clothing and travel accessories, Youpin Youyu the membership-exclusive e-commerce platform under Xiaomi Youpin, announced it would cease operations as of March 17th.
Analysts speculate that Lei Jun’s move is to devote more energy to the automobile industry. According to Cailian Press, Xiaomi is stepping up its construction of automobile factories. At present, a factory in Yizhuang, Beijing, is under construction, where work to level the ground is just under halfway done.