Lei Jun

Lei Jun (Chinese: 雷军) is a Chinese entrepreneur and angel investor who founded Xiaomi in April 2010 and serves as its chairman, chief executive officer and executive director. He is also CEO of Xiaomi's smart electric vehicle business and chairman of the Hong Kong-listed software company Kingsoft, where he spent the first part of his career.^[1] Before Xiaomi he ran Kingsoft as chief executive from 1998 to December 2007, founded the online retailer Joyo.com (sold to Amazon in 2004), and backed start-ups including YY and UCWeb as an angel investor.^[1][2][8]

Over the 2020s Lei has moved Xiaomi from a smartphone and consumer-electronics company into electric cars, in-house chips, large AI models and humanoid robots. In March 2021 he agreed to lead Xiaomi's car business personally, and he has called it the last major entrepreneurial project of his life.^[12][14][15] He put Xiaomi back into smartphone processor design, leading to the 3 nm XRING O1 in 2025 and three more XRING chips announced in August 2026, including the XRING O100 AI accelerator.^[19][24] Xiaomi hired the former DeepSeek researcher Luo Fuli, whom Lei was reported to have courted personally, and her team builds Xiaomi's MiMo models. In March 2026 he said Xiaomi would spend at least 60 billion yuan on AI over the next three years.^{[26][27][29][30]} He has been a deputy to China's National People's Congress since at least the 12th NPC (2013 to 2018). His proposals there have covered AI deepfakes, AI devices, assisted driving and humanoid robots.^{[3][36][37][38]}

At a glance

Early life and education

Lei was born in December 1969, according to his Wuhan University alumni profile.^[3] In his 2023 annual speech he said he entered Wuhan University's computer science department in 1987. There, he said, he read Fire in the Valley, a history of the personal-computer industry, in the university library and decided he wanted to build a great company.^[4][7] He set himself the goal of earning all four years of course credits in two years, and China Daily later reported that he did so.^[4][6]

With the remaining time he wrote software. In the same speech he described writing a commercial encryption program called BITLOK with Wang Quanguo, a Wuhan University alumnus four years his senior. The program sold for more than 2,000 yuan a copy and stayed on sale for six or seven years. As a third-year student he and friends started a company called Sanse (三色), which failed. He said the failure taught him that technical skill alone was not enough to run a business.^[4][5] He graduated in July 1991 with a Bachelor of Science in computer science.^[1][2]

Kingsoft

After graduation, Lei said, Qiu Bojun recruited him to Kingsoft (金山), the Beijing software company known for WPS Office.^[2][4][6] Xiaomi's filings say he joined Kingsoft in 1992 and was its chief executive officer from 1998 to December 2007. He became a non-executive director in August 2008 and has chaired the board since July 2011. Xiaomi's 2018 prospectus also describes him as a Kingsoft co-founder.^[1][2] His Wuhan University profile credits him with leading Kingsoft's 2007 listing in Hong Kong.^[3]

Lei has held board seats across the Kingsoft group. He has been a director of Beijing Kingsoft Office Software since December 2011. He was a non-executive director of Kingsoft Cloud from January 2012 and its chairman from April 2015, leaving both roles in March 2026.^[1]

Joyo.com and angel investing

In 2000 Lei founded Joyo.com (卓越网), an online store that sold books, music, video and other products.^[1][8] On 19 August 2004 Amazon agreed to buy Joyo.com Limited in a deal valued at about $75 million, including about $72 million in cash. Amazon's announcement described the Joyo sites as the largest online retailers of books, music and videos in China. It identified Lei as "founder and chairman of Joyo.com and president of Kingsoft Holdings Limited, the largest shareholder of Joyo.com." Joyo.com became Amazon's seventh global website.^[8]

Lei is also known as an angel investor. Xiaomi's prospectus names YY Inc. (now JOYY) and UCWeb, which Alibaba bought in 2014, as companies he backed. From July 2011 he chaired both YY (until August 2016) and Cheetah Mobile (until March 2018).^[1][2] Wuhan University's profile says he invested in more than 20 start-ups, including YY, UC and Lakala.^[3]

In 2011 he started Shunwei Capital (顺为资本), a venture firm that invests in internet and technology companies. Xiaomi describes him as a founding partner. Xiaomi's 2018 prospectus described Koh Tuck Lye as Shunwei's co-founder and chief executive since April 2011.^[2] Xiaomi's annual report treats Shunwei as a purely financial investor that does not compete with Xiaomi.^[1]

Founding Xiaomi

Lei founded Xiaomi in April 2010. In his open letter in the IPO prospectus he wrote that he and his co-founders had a simple idea, "to create a very cool smartphone that we would personally love". He added that "among Xiaomi's eight co-founders, six of us are engineers and two are designers."^[2] The prospectus names the seven co-founders besides Lei as Hong Feng, Li Wanqiang, Lin Bin, Liu De, Wang Chuan, Wong Kong Kat and Zhou Guangping. It says the founders paid for the company's start themselves.^[2] Lin Bin, Xiaomi's president until 2019 and now vice chairman, had been an engineering director at Google and, before that, at Microsoft.^[1]

The prospectus gives the early milestones. Xiaomi started its MIUI user forum in August 2010. Annual sales passed US$1 billion in 2012. In 2014, three years after its first phone, IDC ranked Xiaomi the top smartphone company in mainland China by shipments.^[2] Lei's letter says smartphone sales fell in 2016. Xiaomi then slowed its growth to strengthen innovation, quality and supply management, and returned to fast growth in 2017.^[2] In May 2018 the board approved a pledge that Xiaomi's hardware business would keep its overall net profit margin at no more than 5% a year and return anything above that to users. For 2025 it reported a hardware net margin of 2.3%, within the pledge.^[1][2]

IPO and control of Xiaomi

Xiaomi listed on the Hong Kong Stock Exchange (stock code 1810) on 9 July 2018. It was the first company to raise money under Hong Kong's revised listing rules, which allow companies with more than one class of shares.^[10] The shares were priced at HK$17, the bottom of the HK$17 to HK$22 range. They opened at HK$16.60 on the first day and closed at HK$16.80.^[9][10] The South China Morning Post put the IPO valuation at US$54.3 billion, roughly half the US$100 billion Xiaomi had first sought. At the listing ceremony Lei said "a great company can still rise to the challenge and distinguish itself."^[10]

Xiaomi is controlled through weighted voting rights. Each Class A share carries 10 votes and each Class B share one vote, except on a short list of reserved matters.^[2] The prospectus said Lei would hold about 29.40% of the shares and 54.74% of the voting rights right after the listing.^[2] At the end of 2025 the only two holders of weighted voting rights were Lei and Lin Bin. Lei's 4,063,148,182 Class A shares, held through a family trust, gave him about 61.0% of the votes on resolutions other than the reserved matters.^[1]

Electric vehicles

Deciding to build cars

On 21 February 2021 Xiaomi told the Hong Kong exchange that it had "not initiated any formal project regarding the study of electric vehicle manufacturing business".^[11] Five weeks later, on 30 March 2021, it announced that its board had decided to enter the smart electric vehicle business through a wholly owned subsidiary. The first phase of investment would be RMB 10 billion, and about US$10 billion was planned over ten years. Lei would also serve as chief executive of the EV business.^[12][13]

In his fifth annual speech, on 19 July 2024, Lei traced the decision to US sanctions. He said a friend called him on the morning of 15 January 2021 to tell him Xiaomi had been sanctioned by the United States, and he called an emergency board meeting. A director asked what Xiaomi's tens of thousands of employees would do if the company could no longer make phones, and whether it should consider building cars.^[14] The South China Morning Post noted that the US Defense Department had put Xiaomi on a blacklist, and that Xiaomi got off the list four months later after a legal challenge.^[15]

In the speech Lei said a six-person team spent more than 70 days on the question. It visited more than ten cities and interviewed over 200 people in 85 sessions, and William Li and He Xiaopeng, the chief executives of NIO and XPeng, both urged him to go ahead. On 24 March 2021 he told the board that the car industry would become winner-takes-all like the phone industry, that only the global top five would survive, and that entry would cost at least US$10 billion. The board agreed on condition that Lei lead the project himself. He said it took him a week to accept, and he replied to the board on 30 March.^[14] He also said Xiaomi chose not to acquire an automaker or use contract manufacturing and to build core technology in-house.^[14] The South China Morning Post quoted him calling the car business "the last major entrepreneurship project" of his life.^[15] Lei said he test-drove more than 170 cars over three years and got a racing licence. More than 100 of Xiaomi's managers and engineers did the same.^[14][45]

SU7, YU7 and after

Xiaomi unveiled its first car, the SU7 sedan, on 28 December 2023. There Lei set a goal of becoming one of the world's top five carmakers within 15 to 20 years.^[16] The SU7 went on sale on 28 March 2024 at 215,900, 245,900 and 299,900 yuan for its three trims, and Xiaomi said it took 88,898 orders in the first 24 hours.^[16] Lei later said he set an initial annual production target of 76,000 cars against advice that 30,000 would be safer. Firm orders passed 10,000 within four minutes of the launch and 50,000 within 27 minutes.^[14] He also said that every pure-electric carmaker except Tesla was losing heavily on its cars, so a very low launch price would have been self-defeating.^[14]

On the night of 29 March 2025 a standard SU7 crashed into a concrete barrier in a road-works zone on an expressway in Anhui province and caught fire, killing all three people inside. Xiaomi said the car had been travelling at 116 km/h on its Navigate on Autopilot assisted-driving function before it warned the driver to take over.^[17][18] On 1 April Lei posted his condolences and said Xiaomi would keep cooperating with the police investigation. He pledged: "No matter what happens, Xiaomi will not evade responsibility."^[17][18] CNN reported that the crash raised questions about how Xiaomi marketed its driving technology and led to a temporary fall in orders.^[19]

Lei introduced Xiaomi's first SUV, the YU7, on 22 May 2025.^[19] It went on sale on 26 June 2025 from 253,500 yuan, 10,000 yuan below the Tesla Model Y in China. Xiaomi EV said it took more than 200,000 firm orders within three minutes.^[21] Xiaomi delivered 411,082 vehicles in 2025, up 200.4% on the year. That year its smart EV, AI and other new initiatives segment had positive operating income (gross profit minus operating expenses) for the first time: RMB 0.9 billion on RMB 106.1 billion of revenue.^[1] A second-generation SU7, launched in March 2026, has LiDAR and 700 TOPS of assisted-driving compute as standard. Its Xiaomi HAD driver-assistance system runs on a new XLA architecture.^[1] Xiaomi says XLA uses its MiMo-Embodied model as the base model.^[30]

Chips

Lei has pushed Xiaomi into designing its own silicon twice. Xiaomi set up the chip subsidiary Pinecone Electronics in 2014.^[22] In 2017 it released the Surge S1, an eight-core system-on-chip used in the Mi 5C phone.^[2][20] Lei later said that smartphone SoC development was then suspended after various setbacks.^[20] In his sixth annual speech, on 25 September 2025, he said the S1 taught him that a phone SoC only makes sense at the very top of the market and needs full support from the phone team.^[23] Xiaomi restarted big-chip development in 2021.^[22][23]

The result, the XRING O1 (玄戒O1), first came back from the fab on 22 May 2024 and was launched a year later, on 22 May 2025.^[23] It is a 3 nm chip made by TSMC, and it went into the Xiaomi 15S Pro phone and Xiaomi Pad 7 Ultra tablet.^[19][22] Lei said Xiaomi had spent 13.5 billion yuan on the chip by April 2025. Days before the launch he said on Weibo that Xiaomi would invest at least 50 billion yuan in chips over the next ten years; a Xiaomi spokesperson said the period started in 2025.^[19][20] In the September 2025 speech he said a phone SoC had to be pursued for at least ten years with at least 50 billion yuan of investment.^[22][23] Xiaomi's 2025 annual report says the XRING O1 won first prize at the company's internal technology awards.^[1]

On 24 August 2026 Lei announced three more XRING chips: the XRING O3 flagship phone SoC, the XRING O100 high-bandwidth AI accelerator and the XRING D100 driving-assistance AI chip. He said that since restarting large-chip work more than five years earlier, Xiaomi had spent over 21 billion yuan on chip R&D and built a team of close to 3,000. The O3 would debut in the Xiaomi 18 Fold, while the O100 and D100 were due for commercial use the following year.^[24] Xinhua reported that XRING O1 shipments had reached the million-unit scale. It also reported that Xiaomi had set aside a 50 billion yuan chip budget with no upper limit.^[25]

Artificial intelligence

Large models

Lei set out Xiaomi's position on large language models in his 2023 annual speech. He said Xiaomi was fully embracing large models and had formed a large-model team in April 2023. Its main direction would be lightweight models deployed on-device, and a phone-based large model was already running in early form.^[5] Wuhan University said a new AI teaching and research building there, paid for with Lei's donations, opened in June 2023.^[6]

In December 2024 Chinese media, citing the Securities Times, reported that Lei had personally tried to recruit Luo Fuli, a DeepSeek researcher who worked on DeepSeek-V2, with an annual salary in the tens of millions of yuan. The same report said Xiaomi was building a GPU cluster of about 10,000 cards under Lei's direct leadership. Xiaomi did not respond to the 21st Century Business Herald's request for comment.^[26] Luo confirmed on 12 November 2025 that she had joined Xiaomi MiMo. The South China Morning Post noted then that neither Xiaomi nor Luo had confirmed the reported salary offer.^[27][28]

Xiaomi's first open-weight reasoning model, MiMo-7B, appeared on Hugging Face at the end of April 2025 under the MIT license.^[31] MiMo-V2-Flash, a 309-billion-parameter mixture-of-experts model with 15 billion active parameters, followed in December 2025.^[1][28] In March 2026 Xiaomi released MiMo-V2-Pro, a model with more than 1 trillion total parameters and 42 billion active parameters and a context window of up to 1 million tokens. It came out alongside the omni-modal MiMo-V2-Omni and the MiMo-V2-TTS speech model.^[1] The weights of MiMo-V2.5 and MiMo-V2.5-Pro were published on 27 April 2026, and the MiMo-V2.6 models on 21 September 2026.^[31]

At the 19 March 2026 launch of the second-generation SU7, Lei said the MiMo models came from Xiaomi's Core team. He said the team's average age was 25 and that more than 60% of its members were graduates of Tsinghua or Peking University.^[30] He said Xiaomi's AI R&D and capital spending in 2026 would exceed 16 billion yuan, and that "in the field of AI, our plan for the next three years is to invest at least 60 billion yuan."^[29][30] He also said "there's no doubt that we are entering a new era" and that "individuals and companies all need to actively embrace this AI era." On Xiaomi's AI work, he said: "We have perhaps kept a relatively low profile, but our actual progress may be much faster than people from the outside realise."^[29] 36Kr reported that Xiaomi's Hong Kong shares were down more than 6% in trading the next day.^[30]

AI products and agents

Lei has presented Xiaomi's AI work as part of its "Human x Car x Home" strategy. Xiaomi's mobile agent, Xiaomi miclaw, entered invitation-only beta in March 2026. It runs on the MiMo models and can call apps and system tools on a user's behalf.^[1] Asked about safety, Lei called the phone agent a prototype of an "AI OS" with the MiMo model built in. He said Xiaomi would try to process highly private information on the device rather than in the cloud.^[30] Other AI products under his leadership include Xiaomi Miloco, a large-model smart-home system shown in November 2025, and the Xiaomi AI Glasses. Xiaomi says the glasses ranked third in the world and first in mainland China by 2025 shipments.^[1] Xiaomi's AI assistant had 159.9 million monthly active users in December 2025.^[1]

Robotics

Lei has unveiled most of Xiaomi's robots himself. On 10 August 2021 Xiaomi announced CyberDog, an open-source quadruped robot that runs on NVIDIA's Jetson Xavier NX. It offered 1,000 units to fans and developers at 9,999 yuan each.^[32] On 11 August 2022 the full-size humanoid CyberOne walked on stage to hand Lei a flower. He said at the event that "CyberOne's AI and mechanical capabilities are all self-developed by Xiaomi Robotics Lab."^[33] CyberDog 2 followed at his August 2023 annual speech.^[44]

In a Beijing Daily interview reported in December 2025, Lei said the next five years would bring a rapid, AI-driven shift in manufacturing. He said Xiaomi would introduce humanoid robots across its production lines within five years.^[34] In February 2026 Xiaomi open-sourced Xiaomi-Robotics-0, a 4.7-billion-parameter vision-language-action model.^[1] In March 2026 it reported that humanoid robots had worked a self-piercing-nut station in its EV factory for three hours. They reached a 90.2% success rate while keeping up with the line's 76-second cycle.^[1][35] Lei called the trial "the first step towards stable application of Xiaomi's humanoid robot in the field of intelligent manufacturing". He said he expected many humanoid robots to be working in Xiaomi factories within five years.^[35] Xiaomi president Lu Weibing told CNBC that the robots were "more like the interns".^[46]

National People's Congress and policy proposals

Wuhan University's profile describes Lei as a deputy to the 12th National People's Congress (2013 to 2018). He was still a deputy in 2025 and 2026.^[3][37][42] In November 2017 he was elected vice chairman of the All-China Federation of Industry and Commerce.^[2]

At the March 2025 sessions Lei submitted proposals on:^[37][38]

The South China Morning Post reported that Lei said many internet users had made content with AI-generated copies of his voice to attract traffic, and that this had caused him significant distress.^[38]

In March 2026 Lei again submitted five proposals. He described humanoid robots as still being "apprentices" and proposed that by 2027 their mean time between failures in certain industrial settings should exceed 10,000 hours. He proposed treating hands-off, eyes-off use of L2 driver assistance as a traffic violation. He also asked the Ministry of Education to create "Intelligent Electric Vehicles" as a first-level interdisciplinary major, pointing to a talent shortage of 1 million people.^[36] At the China Development Forum on 22 March 2026 he said Xiaomi had spent more than 100 billion yuan on R&D over the previous five years and planned more than 200 billion yuan over the next five.^[43]

Public profile

Since 2020 Lei has given a public "annual speech" each year, and recent ones have doubled as product launches.^[5][14][23] The fourth, "Growth" (成长), was held on 14 August 2023 and told the story of his path from Wuhan University to Kingsoft and Xiaomi.^[4][5] The fifth, "Courage" (勇气), on 19 July 2024, covered the car project.^[14] The sixth, "Change" (改变), on 25 September 2025, covered Xiaomi's shift to deep technology investment, the chips and the cars.^[22][23]

His first English-language speech, at the Mi 4i launch in New Delhi in April 2015, made him an internet meme in China. He repeatedly asked the audience "Are you OK?", and a Bilibili user set the clip to music. Three days later Lei wrote on Weibo that he had only wanted to entertain Indian fans and would work on his English.^[39][40]

Philanthropy

On 29 November 2023, Wuhan University's 130th anniversary, Lei gave his alma mater 1.3 billion yuan. The money went to basic research in mathematics, physics, chemistry, literature, history and philosophy, to computer science, and to undergraduate education.^[6][7] The South China Morning Post described it as the largest individual donation ever given to a Chinese university.^[7] He had been giving to Wuhan University since 1997, a total of 130 million yuan before this gift.^[6] Xiaomi's 2018 prospectus said he had been a member of the university's board since November 2003.^[2]

Recognition and wealth

Xiaomi's prospectus and Wuhan University list these honours:^[2][3]

On 23 September 2026 Forbes put Lei's real-time net worth at $21.1 billion, ranking him 131st in the world.^[41]

Timeline

References

1. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12 ^13 ^14 ^15 ^16 ^17 ^18 ^19 ^20 ^21 ^22 ^23 ^24 ^25 ^26 ^27 ^28 ^29 ^30 ^31 ^32Xiaomi Corporation, "2025 Annual Report" (Biographical Details of the Directors; Chairman's Statement; Directors' Interests in Competing Business; Weighted Voting Rights), HKEXnews, 28 April 2026. www1.hkexnews.hk/...2026042800526.pdf
2. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12 ^13 ^14 ^15 ^16 ^17 ^18 ^19 ^20 ^21Xiaomi Corporation, "Global Offering" prospectus (Open Letter from Our Chairman; History; Directors and Senior Management; Relationship with the Controlling Shareholders), HKEXnews, 25 June 2018. www1.hkexnews.hk/...ltn20180625033.pdf
3. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10"雷军" (Lei Jun, alumni profile), Wuhan University Alumni Association. alumni.whu.edu.cn/...17446
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5. ^1 ^2 ^3 ^4 ^5"雷军年度演讲昨晚开讲 高端化是小米发展的必由之路 未来五年公司研发投入将超1000亿元" (Lei Jun's annual speech: premiumization is Xiaomi's only path; R&D to exceed 100 billion yuan over five years), Securities Daily, 15 August 2023. zqrb.cn/...A1692030216714
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24. ^1 ^2 ^3"雷军：新一代玄戒芯片正式发布，玄戒O3、玄戒O100、玄戒D100" (Lei Jun: new generation of XRING chips released: XRING O3, O100 and D100), Xiaomi statement on Sohu Timeline, 24 August 2026. timeline.sohu.com/...45QewgH7Nc
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