The investment community has reported that Xiaomi’s initial public offering (IPO) may eventually include both A-shares and H-shares. Lei Jun, the founder and CEO of Xiaomi Group, holds 77.8% of Xiaomi Technology Co., Ltd. Some analysts speculate that if Xiaomi goes public, Lei Jun could become China’s new richest man. Let’s take a closer look at what’s really going on with Xiaomi and its ownership structure. Xiaomi has not officially commented on rumors that it might list both in the A-share market and Hong Kong. However, insiders have shared some important insights. They mentioned that Xiaomi Technology is just one of many subsidiaries under the broader Xiaomi Group. Therefore, Lei Jun’s direct stake in Xiaomi Technology doesn’t necessarily reflect his overall ownership in the entire company. According to the business registration details of Xiaomi Technology Co., Ltd., its shareholders include co-founders such as Lei Jun, Li Wanqiang, Hong Feng, and Liu De. But a few months ago, a Xiaomi executive told reporters that Lei Jun is the largest individual shareholder in the parent company, while Lin Bin, the president, is the second-largest. This highlights the complexity of Xiaomi’s ownership structure, which should not be confused between the parent company and its subsidiaries. An insider also explained that due to the Variable Interest Entity (VIE) structure, the shareholding of Xiaomi’s domestic entities does not fully represent the ownership of its offshore operations. This adds another layer of complexity when trying to determine actual control and wealth distribution within the group. In addition to Xiaomi Technology, the company owns dozens of other subsidiaries, including Xiaomi Communication Technology, Beijing Xiaomi Mobile Software, Beijing Xiaomi Payment Technology, Xiaomi Credit Management, and many more. The legal representatives of these companies often include key executives like Lei Jun, Lin Bin, Li Wanqiang, Liu De, and Hong Feng. With so many layers and structures in place, it’s clear that determining who truly controls Xiaomi and how much wealth each founder holds is far from straightforward. While speculation about Lei Jun becoming the richest man continues, the reality is more nuanced than it appears on the surface.

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