Who owns Xiaomi: Discuss the ownership structure and key shareholders

When it comes to global tech giants, ownership is often left out of the picture — especially if the company is not listed on U.S. exchanges. Xiaomi, one of the largest manufacturers of smartphones and smart appliances, is no exception. At first glance, it may seem that the brand is entirely owned by its charismatic founder Lei Jun, but the real picture is much more complicated.

In this article, we will discuss in detail:

• 🔹 Xiaomi’s official shareholder structure for 2026 (with data from recent reports)
• 🔹 The Role of Lei Jun and Other Top Managers in the Management of the Company
• 🔹 The Influence of the Chinese Government and State Funds
• 🔹 How the votes are distributed at the shareholders’ meeting and who actually makes the decisions
• 🔹 Comparison with other Chinese tech giants (Huawei, Oppo, Vivo)

If you plan to invest in Xiaomi shares (traded under ticker) 1810.HK You can go to the Hong Kong Stock Exchange, or you just want to know who's behind your smartphone brand, and this is the stuff for you, and we're only using verified, open source data. Annual report for 2023, investor presentations and registration documents of Hong Kong Exchanges and Clearing Limited (HKEX).

1. Xiaomi’s Official Shareholder Structure for 2026

As of March 2026, Xiaomi Corporation remains a public offering company (IPO This was in 2018, but the majority of voting shares are concentrated in the hands of a narrow circle of people:

Critical detail: despite only owning 13.3 percent of the shares, Lei Jun controls 57.1 percent of the vote thanks to a “dual-class” system, a common practice for Chinese tech companies (similar to Alibaba or Meituan), which allows founders to retain control even after the company’s death. IPO.

It is important to understand that Class B (with 10 votes per share) is only available to founders and top managers, whereas ordinary investors can only buy Class A (1 vote), a structure enshrined in the company's charter and cannot be changed without the consent of the owners of Class B.

2.The role of Lei Jun: why he is called "Chinese Steve Jobs"

Lei Jun is not just the founder of Xiaomi, but one of the most influential figures in the Chinese tech industry, often compared to Steve Jobs for not only his charisma, but also his ability to create iconic products and ecosystem around the brand. Here are key facts about his role:

• 📱 Founded by Xiaomi in 2010, along with 6 co-founders (including Lin Bin). MIUI — custom-built firmware.
• 💡 The “three iron rules” strategy": ✅ Premium iron only at the price of the middle segment ✅ No more than 5% of operating margin (to remain available) ✅ Fanatic love for users (meeting with fans every year)
• 📈 I got the company on IPO in 2018 with an assessment in $$54 billion, the largest tech IPO after Alibaba).
• 🤝 Invested in >300 startups through Shunwei Capital, including Lime, Zomato and Go-Jek.

Lei Jun still personally oversees the key areas:

• 🔧 Develop flagship smartphones (series Xiaomi 14, Mix Fold)
• 🚗 Electric Car Project (launch of Xiaomi) SU7 scheduled for 2026)
• 🤖 AI and the Smart Home Ecosystem (Integration with Mi Home and HyperOS)

Fun fact: Lei Jun still answers questions from users on Weibo (the Chinese equivalent of Twitter) and holds annual fan meetings called the Mi Fan Festival, a festival that was attended in Beijing in 2023. >10,000 people.

3. Chinese government influence: hidden mechanisms of control

Any major Chinese company interacts with the state in one way or another, and Xiaomi is no exception, and while it describes itself as a “private company,” there are a few key points:

⚠️ Note: In 2020, the US Department of Defense blacklisted Xiaomi for companies associated with the Chinese army, which courts later overturned, but the incident showed how politicized the topic is.

The main channels of influence of the state:

1. Through public funds: 🏛️ SAFE (State Administration of Foreign Exchange owns ~8.5% of shares. 🏛️ China Mobile and China Telecom are strategic partners 5G-project.
2. Through regulatory authorities: 📜 Cyberspace Administration of China (CAC) monitors the collection of data. 🔒 Ministry of Industry and Information Technology (MIIT) issue licenses for telecom equipment.

Through "party committees"

• 🎯 Xiaomi has a CCP party committee that monitors “political loyalty".

Unlike Huawei, where founder Ren Zhengfei formally owns only 1.4% of the shares and the rest is distributed among employees, Xiaomi’s control is concentrated with the founders, but this does not mean complete independence: for example, in 2021, Xiaomi was forced to suspend shipments to India due to political pressure (conflict on the border with China).

Another significant point: in 2023, Xiaomi abandoned plans to release smartphones under the brand POCO China, though the model has been successful in India, says analysts attribute it to pressure from authorities to focus on the premium segment under the main brand.

4. Comparison with other Chinese tech giants: who is more independent?

To understand how unique Xiaomi’s ownership structure is, let’s compare it to other major Chinese electronics manufacturers:

Xiaomi is one of the most transparent Chinese tech companies thanks to its public offering, while Oppo and Vivo remain completely closed, and Huawei has a unique ownership model through an employee equity fund.

Xiaomi’s main difference from its competitors is the founder’s active involvement in operational management, for example, Lei Jun still personally approves the design of flagship smartphones, while Samsung or Apple make such decisions by committees.

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Xiaomi is the only one of the top-5 Chinese smartphone brands that have public financial records make it more predictable for investors, but do not guarantee complete independence from the state.

5.How are the votes distributed at the shareholders’ meeting?

Xiaomi’s voting system is designed to keep the founders in control even when selling shares, and this is how it works in practice:

• 🗳️ Class A (ordinary shares): 1 vote per share. Available for purchase on the exchange. ~86.7% of the total number of shares, but only ~42.9% of votes.
• 🗳️ Class B (Preferred Stock): 10 votes per share, Founders and CEOs only. ~13.3% of the total number of shares, but 57.1% of the votes.

This structure allows Lei Jun and his team to block any decisions they don’t like, even if a majority of minority shareholders oppose it, for example, in 2022, the board rejected a shareholder offer to pay a special dividend – despite record profits.

Key decisions that require shareholder approval:

• 💰 Payment of dividends (last time was in 2021).
• 🔄 Major M&A transactions (buying companies).
• 📄 Changes in the articles of association (e.g. issuance of new classes of shares).
• 👥 Appointment of members of the board of directors.

⚠️ Warning: In 2023, Ley Jun used his controlling stake to cancel plans for the division's spin-off POCO. The shareholders were in favour of a separate IPO The company's founder thought it was premature.

By comparison, Apple or Samsung make these decisions collectively, and the founders don’t have that weight, such as Tim Cook, who can’t block Apple’s board decision alone, whereas Lei Jun can easily.

6.The Future of Ownership: What Will Change After EV Marketing?

One of the most ambitious projects Xiaomi is the release of electric cars SU7, And this could have a major impact on the ownership structure of 2026:

• 🚗 Investment needs: Xiaomi has already invested >$10 billion in the project: the issue of new shares or attracting strategic investors (for example, BAIC or CATL).
• 📉 Risk of Lei Jun’s share dilution: If the company issues new shares, Class B’s share may decrease, but Ley Jun is unlikely to let it lose control, rather, it will attract debt instruments.
• 🏭 Government support: Electric cars are a priority sector for China, and a higher share of state funds may be possible in exchange for benefits.

Analysts at Counterpoint Research predict that by 2026, the automotive division could account for up to 20% of Xiaomi’s revenue, which would require a restructuring of the business, which could affect share allocations.

One of the possible scenarios is the creation of a separate company for electric cars with its own attraction of investment (as Xiaomi did with the company). POCO In this case, Ley Jun will retain control of the main brand, but the state’s share in the auto business may grow.

Check the Class A and Class B ratio of stocks in the latest report|Estimate the share of public funds (SAFE, China Mobile)|Study electric car plans - they could blur stocks|Keep an eye out for regulatory risks (especially in the US and India)-->

FAQ: Frequent questions about Xiaomi owners