Who owns Xiaomi: analysis of the structure of owners, founders and their influence on the brand

When you buy a Xiaomi smartphone, a Mi Band smartwatch, or a Mi Router router, you don’t think about who’s behind the brand. Meanwhile, the company’s ownership structure directly affects its strategy, from pricing to sales geography. In 2026, Xiaomi remains one of the most talked-about tech companies in China, but its owners are far from always advertise their participation.

In this article, we will discuss in detail:

• 🔹 Who founded Xiaomi and how the ownership structure has changed since 2010
• 🔹 The largest shareholders today: individuals and funds
• 🔹 The role of the Chinese government and relations with state structures
• 🔹 How the change of owners affects prices, innovations and availability of equipment in Russia

Spoiler: Despite popular opinion, Lei Jun is no longer the sole owner of the brand, and among the shareholders there are names that you know for sure from other giants like Tencent or Alibaba.

Xiaomi founders: who stood at the origins of the brand

Xiaomi Inc. was officially incorporated on April 6, 2010 in Beijing, China. CEO Lei Jun is still a legendary figure in Chinese. IT. Before Xiaomi, he had time to work:

• 💼 Co-founder of Kingsoft (Chinese equivalent of Microsoft Office)
• 💼 Investor in UCWeb (browser developer) UC Browser)
• 💼 Joyo.com (above by Amazon)

But Lei Jun didn't start the company alone, and the co-founding team included:

Interestingly, of the eight co-founders, only Lei Jun and Hong Feng remain in the company as of 2026, and the rest have either gone on to other projects or become investors.

Xiaomi’s Shareholders Structure in 2026: Who Really Owns the Company

After IPO Xiaomi’s ownership structure has changed dramatically on the Hong Kong stock exchange in 2018, and if the company used to be a closed founders’ club, now its shares are traded publicly under a ticker. 1810.HK. Today, the largest shareholders:

• 📊 Lei Jun — ~13% of shares (through Smart Mobile Holdings)
• 📊 Tencent Holdings — ~5% (the largest external investor)
• 📊 Qualcomm — ~3% (strategic chip partner)
• 📊 China's public funds — ~8% (via China Mobile.)
• 📊 Small shareholders — ~71% (public investors)

It's important to understand that Lei Jun no longer controls the company alone. ~80% in 2010 to ~13 percent in 2026. That's because of:

1. Stock placement (IPO 2018)
2. Attracting strategic investors (Tencent, Qualcomm)
3. Shares Purchase by Former Co-Founders

State participation is a separate topic, with funds like China Mobile or China Development Bank indirectly controlling about 8 percent of the shares, which does not make Xiaomi a state-owned company, but gives the government leverage over strategy.

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While Xiaomi is positioning itself as a private company, the Chinese government has indirect influence through state funds and regulatory mechanisms.

How the structure of ownership has changed: from a startup to a public company

Let’s take a look at the key milestones that shaped Xiaomi’s current ownership structure:

The most dramatic change occurred in 2018, when Xiaomi held one of the largest IPO in Asia, gathered $After that, the company became obliged to disclose financial statements, and shareholders were able to trade shares on the exchange.

An interesting nuance: despite being public, Xiaomi maintains a dual stock structure (Class A and Class B), where Class B shares yield 10 times as many votes, allowing Lei Jun to retain control of key decisions even with a minority of shares.

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If you see news of Xiaomi’s “fall,” it’s Class A public stock that doesn’t affect Lei Jun’s control of the company, as his stock is Class B.

Homeowners’ influence on products: why Xiaomi is the way it is

The ownership structure directly shapes Xiaomi’s current strategy, and we’ll look at the key implications:

1. Pricing policy and "iron" filling

Qualcomm’s presence among shareholders explains why Xiaomi is often the first to gain access to new Snapdragon chips. For example, Xiaomi 14 came out with the Snapdragon 8 Gen 3 before many competitors. On the other hand, this creates an addiction: if Qualcomm raises the price of chips, Xiaomi is forced to either increase the cost of smartphones or reduce margins.

Ecosystem and services

Tencent’s investment has led to deep integration of its services into firmware MIUI. You won’t find Xiaomi in China without WeChat preinstalled, QQ Music or Tencent Video. It's less visible in the global versions, but the trail remains, for example, in the form of ads in the video. MIUI, It's through Tencent's affiliate programs.

Geography of sales and sanctions risks

State involvement and ties to Chinese funds pose problems for Xiaomi in Western markets, and in 2021, the company was blacklisted by the US Department of Defense as a “communist Chinese military enterprise,” although the decision was later reversed, the risks remain:

• ⚠️ Restrictions on chips from the United States (for example, from Qualcomm)
• ⚠️ Problems with exports to NATO countries
• ⚠️ Blocking updates for devices in “unfriendly” countries

🔍 Pre-installed Chinese apps (even in global firmware)

🔍 Advertising in MIUI Chinese-flagged

🔍 Restrictions on certain functions (e.g, NFC Payment outside China)

🔍 Delays in updates for European/Russian models-->

For Russian users, this means:

⚠️ Note: If you buy Xiaomi with gray firmware (such as those from China), be prepared for problems with Google Play, banking apps, and updates. Global versions usually lack these flaws, but cost more.

Xiaomi’s connection to the Chinese government: myths and reality

One of the most controversial issues is how much Xiaomi is dependent on Chinese authorities, with myths such as:

• 🚫"Xiaomi is a state-owned company"
• 🚫"All user data is sent to China"
• 🚫"Lei Jun – CCP official"

The reality is more complicated:

1. Xiaomi is not a state-owned company, but is subject to Chinese data laws (e.g., China’s Cybersecurity Law 2017), which means that, at the request of the authorities, the company is required to provide access to user data (if it is stored on servers in China).
2. Lei Jun is a CCP member (like most top executives at major Chinese companies), but not an official, a “mandatory formality” for business in China.
3. User data outside of China is stored on local servers (for example, in Europe – in Singapore, for Russia – in local data centers). MIUI It still sends telemetry to China, raising questions from security experts.

In 2020, Xiaomi got into a scandal because of censorship in the firmware: it turned out that the global version MIUI They block keywords like "Taiwan," "Tibet," or "Dalai Lama," which the company blamed on a "localization error," but independent researchers have shown that censorship is code-based.

For Russian users, this means:

⚠️ Note: If you use Xiaomi to handle sensitive data (e.g. corporate email, banking applications), it is recommended: 🔒 Install custom firmware (for example, LineageOS) 🔒 Disable telemetry and advertising in Settings → Confidentiality 🔒 Do not use Chinese accounts (Mi Accounts) for authorization

Xiaomi’s future: What to expect from a change of owners

In 2026, Xiaomi faces several challenges related to ownership:

1. Shareholder pressure on profits

Public investors are demanding higher incomes, which leads to:

• 📈 Increased prices for flagship models (e.g. Xiaomi) 14 Ultra is going up in price 15-20% yearly)
• 📈 Increased monetization through advertising in MIUI Services and services (Mi Credit, Mi Pay)
• 📈 Cutting subsidies on budget models (e.g. Redmi Notes are no longer so cheap)

2.Competition with other Chinese brands

Tencent and Alibaba are investing not only in Xiaomi, but also in competitors.

• 🆚 Realme (controlled by Oppo, which is affiliated with Alibaba)
• 🆚 Honor (Specialized from Huawei, State-backed)
• 🆚 Transsion (owns Tecno, Infinix, targets Africa and India)

This leads to an ecosystem war where Xiaomi is forced to compete not only on the level of hardware, but also on services (cloud storage, payments, IoT).

3. Sanctions risks and entry into new markets

Due to its ties to the Chinese government, Xiaomi may face:

• 🚨 Export restrictions to the US and Europe (like Huawei)
• 🚨 Blocking access to technology (e.g. Google Mobile Services)
• 🚨 China’s increased control over user data

Xiaomi has already started diversifying:

• 🌍 Strengthen India’s position (despite local restrictions)
• 🌍 Developing your own ecosystem instead of HyperOS MIUI)
• 🌍 Partnership with local manufacturers (for example, the assembly of smartphones in Russia)

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Xiaomi is gradually moving from a model of “cheap smartphones” to an ecosystem approach, where not only devices but also services (cloud, finance, IoT) bring profit.

How to Check the “Pureness” of Your Xiaomi Device

If you are concerned about owners and security, here are some practical instructions on how to evaluate your device:

1. Firmware check

Open the Settings. → About the phone and look:

• 📱 Version. MIUI: If you see China Stable, it's a Chinese firmware with censorship and telemetry.
• 📱 Region: should be the same as your country (e.g. Russia, EEA Europe).

Analysis of pre-installed applications

Go to Settings. → Annexes → All apps and look:

• ❌ Mi Browser, Mi Video, Mi Music – send data to China
• ❌ Clean Master, Security – often contain advertising and telemetry
• ✅ Google Play Services – a global firmware sign

Verification of telemetry

Use apps like NetGuard or PCAPdroid to see where your smartphone is sending data.

• 🚨 Connections to.mi.com,.xiaomi.com, *.miui.com
• 🚨 Data transfer to China (IP-range-address 45.113.XXX.XXX, 47.96.XXX.XXX)

🧹 Remove unnecessary applications (Settings) → Annexes → Delete)

🧹 Disable telemetry (Settings) → The phone. → Reviews and analytics)

🧹 Install an alternative launcher (e.g. Nova Launcher)

🧹 Replace standard applications with Google analogues (Chrome, Files by Google)-->

If you want to get rid of surveillance completely, consider:

• 🔧 Install custom firmware (LineageOS, Pixel Experience)
• 🔧 Using MicroG instead of Google Services
• 🔧 Buying devices with global firmware (for example, Xiaomi Redmi Note 13 Pro)+ 5G Global)

⚠️ Note: Installing custom firmware voids the warranty and may cause some features to fail (e.g, NFC For contactless payments, make a backup copy of the data before the procedure!

FAQ: Frequent questions about Xiaomi owners