On February 27, Xiaomi Group’s stock price surged over 4% intraday, reaching a new all-time high. This followed a nearly 6% rise on February 26, which pushed the company’s market capitalization past the 1.4 trillion Hong Kong dollar milestone. The strong performance significantly boosted the wealth of Xiaomi founder Lei Jun, allowing him to overtake Nongfu Spring founder Zhong Shanshan and claim the title of China’s richest person.
According to Sina Finance, Lei Jun’s total wealth is now estimated at approximately 440 billion yuan. His 24.2% stake in Xiaomi alone accounts for 341.2 billion yuan. Additionally, investments in the “Kingsoft ecosystem”—including listed subsidiaries Kingsoft Office, Kingsoft Software, and Kingsoft Cloud—contribute roughly 44.1 billion yuan to his net worth.
Lei’s venture capital firm, Shunwei Capital, has also delivered substantial returns. Strategic investments in unicorns like ByteDance and Unitree Technology, as well as stakes in companies such as NIO, XPeng Motors, and Renrenche, add approximately 50 billion yuan to his fortune.
In contrast, Zhong Shanshan’s wealth primarily derives from his 84.4% stake in Nongfu Spring (valued at 334 billion yuan) and a 74.23% holding in Wantai Biological Pharmacy (worth 65.1 billion yuan), totaling 375.7 billion yuan.
Forbes’ 2024 China Rich List, released in November 2024, ranked Zhong as China’s richest for the fourth consecutive year with a net worth of $50.8 billion. Tencent’s Pony Ma followed with $46.8 billion, while ByteDance’s Zhang Yiming, Pinduoduo’s Colin Huang, and CATL’s Robin Zeng rounded out the top five. At the time, Lei Jun ranked 10th with $19.9 billion.
Xiaomi Auto: A Key Wealth Driver
Xiaomi’s automotive division has become a cornerstone of Lei’s wealth growth. In 2024, the Xiaomi SU7 electric vehicle delivered 135,000 units within eight months, surpassing its target. For 2025, Xiaomi aims to sell 300,000 vehicles, a goal that could further propel both the company’s valuation and Lei’s personal fortune.
New Product Launches and Future Prospects
On February 27, Xiaomi unveiled the Xiaomi 15 Ultra smartphone and Xiaomi SU7 Ultra car, marking its aggressive push into the premium market. The SU7 Ultra, priced at 814,900 yuan, boasts a 0-100 km/h acceleration of 1.98 seconds, a top speed of 350 km/h, and aims to be the “fastest four-door production car on Earth”. Lei Jun expressed confidence in the model, stating that Xiaomi’s goal is to “rival Porsche in performance, Tesla in technology, and BBA in luxury”.
Looking ahead, Xiaomi’s expansion into AI, robotics, and other cutting-edge sectors is expected to fuel Lei’s wealth trajectory. However, Xiaomi’s stock later retreated by 7.19% by market close, trimming Lei’s lead and allowing Zhong to briefly reclaim the top spot.
