Recently, media outlets have reflected on Lei Jun's ambitious goals set for 2024: he achieved one and fell short on another.
At the start of the year, Lei boldfully proclaimed that Xiaomi would surpass Apple and Samsung to become the world's largest smartphone manufacturer while also aiming for mass production of Xiaomi cars.
Now that 2024 has passed, it's clear that Xiaomi’s smartphone division, despite a 12% growth rate—the highest among the top five smartphone manufacturers—still holds the third position behind Samsung and AppleThe gap of roughly 3% in market share may seem small, yet it poses a formidable challenge to overcome in the short termMeanwhile, after the formal delivery of Xiaomi cars began in April 2024, they managed an impressive 135,000 units in just eight months, significantly exceeding their targets.
The monthly delivery of Xiaomi cars stood at an average of 17,000 units; in contrast, Nio delivered around 18,500 and Xpeng about 15,800 per monthNotably, Nio and Xpeng have been in the industry for over a decade, while Xiaomi's car division was established only three years ago and launched its first vehicle a year back—a remarkable feat that has sent shivers down the spines of competitorsTo compound pressures, Lei Jun has set a target of 300,000 units to be sold by 2025, requiring an average of at least 25,000 cars delivered each month—a daunting task that has prompted various automakers to start emulating Xiaomi's strategies, including livestream sales, a technique that visionary entrepreneur Li Bin has begun to adopt as well.
The unexpected sales surge of Xiaomi cars not only eclipsed market expectations but also propelled Xiaomi's market valuation upwards
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A report by BT Finance indicates that upon the launch of the Xiaomi SU7 on March 28, 2024, the opening price was HKD 14.70; by February 7, 2025, the closing price soared to HKD 42.45, reflecting a staggering 189% increase in stock price, contributing to a market value increase of approximately HKD 696.8 billionAs of February 7, Xiaomi's market value reached HKD 1.066 trillion, placing it as the third-highest valued Chinese company in the Hong Kong stock market, trailing only behind tech giants Tencent and Alibaba.
Entering 2025, Xiaomi’s stock price continued its upward trajectory, accumulating gains of over 20%. On a global scale, Xiaomi ranks just below Tesla and Toyota, boasting a market value that positions it as the third-highest among automotive companies worldwide, outpacing renowned manufacturers like Mercedes and BMW. As reported by Futu, Xiaomi Group has solidified its status from the "youngest company in the Global 500" to now being among the top 100 companies worldwide, surpassing giants such as Boeing and China Merchants Bank.
In addition to the triumph of Xiaomi cars and the soaring market value, Lei Jun seems poised to clinch the coveted title of the next wealthiest individual.
Historically, Lei Jun has been an underestimated billionaireIn the 2024 list of the rich in Mainland China, his wealth of USD 19.9 billion barely secured him a top-ten position, trailing behind Wang Chuanfu by nearly USD 3 billion and still assessed at a staggering USD 30.9 billion less than Zhong Shanshan, the current wealth leaderThis portrayal suggests that Lei's fortune comprises less than half of Zhong's wealth and falls short compared to the fortunes of Ma Huateng, Zhang Yiming, and Huang Zheng.
However, the wealth rankings were published in November 2024, capturing data only until October
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As Xiaomi's valuation continued its ascent, the stock price only peaked at HKD 26.70 by the end of OctoberBetween October 2024 and February 7, 2025, Xiaomi's stock surged nearly 60% in valueHolding 24.16% of Xiaomi shares, Lei Jun's net worth naturally correspondingly increased. By February 8, 2025, his personal wealth swelled to USD 34.2 billion, surpassing Wang Chuanfu, Jack Ma, Ding Lei, He Xiangjian, and Zeng Yuqun, thus securing the fifth spot on the mainland wealth ranking.
This essentially signifies that Lei Jun enhanced his wealth by USD 14.3 billion over a mere four months, reducing the gap between him and wealth leader Zhong Shanshan to USD 21.4 billionAdditionally, he is only USD 6.1 billion behind Huang Zheng for fourth place and USD 11.4 billion from Zhang Yiming for third, indicating that both Huang and Zhang could soon be overtaken by Lei, making the title of the wealth leader tantalizingly close to his grasp.
However, it is crucial to note that Forbes listings may only encapsulate “on-the-books” wealth, while off-the-books assets remain challenging to quantifyThe so-called "on-the-books" wealth is often straightforward—typically the value of shares held in public companiesPresently, Lei Jun holds 24.16% of Xiaomi shares and possesses direct and indirect stakes in another publicly listed company, Kingsoft Office, at 25.5%. Lei Jun also owns 22.7% of Kingsoft Office, which currently has a market capitalization of around HKD 172.9 billion, with Kingsoft Software valued at HKD 57 billion and Xiaomi valued at over HKD 1.066 trillionAccordingly, his quantified "on-the-books" wealth totals approximately HKD 293 billion.
According to the latest exchange rates, his on-the-books wealth from these three companies alone exceeds USD 40.2 billion, surpassing the USD 34.2 billion indicated by Forbes
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In addition, Lei Jun’s portfolio includes other companies like Lakala, Jilin Highway, and Pearl River Piano, not accounting for his various investments outside of listed firms, where his capital arrangement through Shunwei Capital and Xiaomi Group extends into investments in nearly 1,000 enterprises, including Nio, Xpeng, Midea, ByteDance, Huolala, and BOSS Zhipin, which also contribute significantly to his wealthRough estimates suggest that his overall wealth may already surpass USD 41 billion.
In 2024, only Zhong Shanshan, Ma Huateng, Zhang Yiming, and Huang Zheng joined the ranks of individuals whose wealth exceeds USD 40 billionAlthough Lei Jun's wealth still trails the top spot by a margin, his increasing wealth trajectory significantly outpaces that of the other four, making it quite plausible that he could soon ascend to the throne of wealth, especially since his ventures in manufacturing—both mobile phones and cars—carry far fewer volatility risks than the tech and internet verticals.
According to reports, some media have forecasted that Xiaomi's market value could reach up to USD 3.5 trillion over the next decade, lending credence to this aggressive prediction with solid backing and detailed justifications.
From Global 500 to Top 100
Being part of the Fortune Global 500 is a dream for innumerable enterprises.
In 2019, Xiaomi officially entered the ranks of the Global 500, as the youngest company founded in 2010.
However, Lei Jun’s aspirations evidently extend beyond mere inclusion in the Global 500. The latest Futu ranking indicates that Xiaomi has successfully transited from the Global 500 to the elite Top 100. Remarkably, this leap from 500 to 100 occurred within a mere five years.
In 2019, Xiaomi reported revenues of RMB 205.8 billion, with a net profit of RMB 10.04 billion
By 2023, revenues had climbed to RMB 271 billion with a net profit of RMB 17.48 billionIn the first three quarters of 2024, Xiaomi generated revenues of RMB 256.9 billion and net profits of RMB 14.63 billion, showcasing a marked expansion in both revenue and profits over the past five yearsWith third-quarter revenue hitting RMB 9.25 billion in 2024, total revenues for the year are projected around RMB 350 billion, signifying an increase of nearly RMB 150 billion compared to 2019.
The Top 100 is dominated by industry leaders, with the top five being Apple, Nvidia, Microsoft, Amazon, and Google—each a unicorn in its respective sectorChina boasts 14 companies in the Top 100, predominantly state-owned such as China Mobile, China Petroleum, Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of China, with only six private companies: TSMC, Tencent, Alibaba, Pinduoduo, Contemporary Amperex Technology, and Xiaomi included.
However, Xiaomi's journey to the Top 100 has not been without obstaclesOn July 9, 2018, Xiaomi's debut on the Hong Kong Stock Exchange saw its stock fall below its offering price of HKD 17, a day Lei Jun designated as the "saddest day of his life." In September 2019, it plummeted to a low of HKD 8.28. Although Xiaomi made its debut on the Global 500 list that same year, ranked 468th, it didn't uplift its stock price until July 2020, when it finally regained the HKD 17 offering priceDuring a press conference for the launch of the Xiaomi 11 in December 2020, Lei Jun openly expressed his frustration, stating, "This is what I have been super upset about for the past two yearsIt’s a bit embarrassing to admit this.
Fortunately, following that, Xiaomi shares skyrocketed, culminating in a stock increase of over 120% in 2024 after the debut of the Xiaomi SU7, resulting in enthusiastic interest from investors
Numerous institutions raised their ratings for Xiaomi, with Deutsche Bank projecting a 40% compound annual growth rate for net profit from 2024 to 2027, estimating total revenues will reach RMB 917 billionThe market eagerly anticipates how high Xiaomi's market valuation could soar by 2027, showing a growing confidence in the company’s potential.
As of the evening of February 9, Lei Jun garnered a staggering 39.45 million followers on Douyin, and over 25.39 million on WeiboOver the course of 2024, his Douyin following surged by more than 25 million, making him the car industry's most followed entrepreneurThanks to the topics surrounding Xiaomi’s foray into vehicle manufacturing and the successful launch of the Xiaomi SU7, he topped the year’s most talked-about figures list, confirming his status as one of the most charismatic entrepreneurs.
With exceptional marketing prowess, Lei Jun has become an inspiration in the automotive sector, prompting many industry titans such as Wei Jianjun and Yin Tongyue to adapt and refine their own livestream sales strategies, even though their impact hasn't yet rivaled Lei'sHis approach has undeniably set a new standard in automotive marketing.
Yet, the distinctive traits that render Lei Jun difficult to replicate include his workaholic nature and profound humilityIn media interviews, he consistently presents himself as an “ordinary person,” devoid of the airs common to super-rich billionaires, conveying a down-to-earth demeanor seasoned with humility—a demeanor which leaves little room for critics, even during his promotional livestreams.
In 2024, aside from a six-day skiing trip during the Spring Festival, which he described as having unlocked a new skill in skiing, Lei Jun remained fully engaged in work throughout the year.
At 6:25 AM on the eighth day of the Lunar New Year, he posted on Weibo declaring he was back to work, and by noon on the seventh day, he was already promoting the new Xiaomi vehicles, stating, "The Xiaomi SU7 Ultra vehicles will be showcased from February 5 in 112 stores across 42 cities nationwide, accompanied by specialized experts to guide static evaluations!"
Earlier in January 2024, Lei Jun revealed official images of the Xiaomi YU7 on Weibo
Despite some netizens joking that the all-electric SUV resembled "a Ferrari" due to its design, it managed to capture significant interestMedia reports suggested that the pricing for the YU7 would range between RMB 240,000 and 250,000, slightly above the SU7's price by RMB 30,000 to 50,000. Notably, the Xiaomi SU7 has quickly become one of the most successful models in the Chinese market. In 2024, it ranked second only behind the Model 3 among pure electric sedans priced over RMB 200,000, exceeding 100,000 in sales, with an average monthly sales of 17,000 units compared to the Model 3’s 14,700 units; previously, six major independent brands failed to challenge Tesla, but now Lei Jun has emerged as a genuine competitor to Musk.
The YU7 is positioned against the Model Y; leveraging the successful debut of the SU7 against the Model 3 sets high expectations for the YU7, which also shows promise of potentially becoming a best-sellerThe unchallenged market position enjoyed by the Model Y leaves much speculation about whether Xiaomi can bring surprises with the YU7.
In a strategic move, Lei Jun is not only pushing entry-level models but has also added the high-end Xiaomi SU7 Ultra priced at RMB 814,900 to the lineup, aiming to sell 10,000 units within a yearA poll on Weibo saw over 68,000 votes cast, with only 6,291 doubting Lei’s ability to meet this target, while a significant 39,000 supporters believe sales will exceed this figure.
Ironically, the Model S and its high-performance Plaid version are priced at RMB 814,900 and RMB 824,900, respectively; thus, the SU7 Ultra directly competes with the Tesla’s premium offering
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