Xiaomi - whose company? - A breakdown of owners, structures and influencers

When it comes to global tech giants, ownership is often left out of the picture. Xiaomi is one of the most discutable brands in this regard: a company with Chinese roots but with global leadership ambitions, whose shares are traded on the Hong Kong Stock Exchange and products are sold from Beijing to Madrid. Who is really behind this brand? Is Xiaomi a “state” company, as some think, or is it a private business?

In this article, we will take a closer look at Xiaomi Corp.’s ownership structure, trace the company’s evolution from a 2010 startup to a multinational conglomerate in 2026, and answer key questions: who makes strategic decisions, how shares are distributed between founders and investors, and why the question “whose Xiaomi” matters to ordinary users.

Who founded Xiaomi: from startup to IPO

Xiaomi’s origins date back to April 2010, when a group of Chinese entrepreneurs led by Lei Jun registered the company in Beijing.Lei, formerly the head of Kingsoft and famous as “China’s Steve Jobs,” assembled a team of 7 co-founders, among them:

• 🔹 Lin Bin, President, hardware expert (formerly at Microsoft and Google)
• 🔹 Li Wanqiang, a software development specialist (an Android expert)
• 🔹 Hong Feng – Vice President responsible for MIUI (formerly head of department at Google China)

The original mission was simple: to create a smartphone with top-end specs for the price of the mid-range. A year later, in August 2011, Xiaomi Mi 1 was released, a device that turned the Chinese market around. By 2014, the company had become the most expensive start-up in China (estimated at $45 billion), and in 2018, successfully held IPO on the Hong Kong stock exchange, raising $ 4.7 billion.

Interesting fact: Xiaomi literally translates as “messo,” a modest cereal that everyone in China eats, reflecting the brand’s philosophy of making tech gadgets accessible to the masses, but behind the modest name was an ambitious business model that combined direct sales via the Internet, aggressive social media marketing and minimal margins.

Xiaomi’s ownership structure in 2026: who owns the shares

Xiaomi Corp. went public after its IPO in 2018, but the majority of the shares remained with the founders and key investors, according to a recent report (2026), the ownership structure looks like this:

Key point: Despite his public status, Lei Jun retains control of the company through a special dual-class share structure, which gives him more than 50% of the vote in shareholder meetings, meaning that even when selling shares to outside investors, strategic decisions (such as entering new markets or changing business models) remain with the founder.

Other notable shareholders include Morningside Group, which invested in Xiaomi early on and still holds a significant stake, and Qualcomm, Xiaomi’s main smartphone processor supplier, also owns a small stake, part of a strategic partnership signed in 2017.

⚠️ Warning: In 2020, Xiaomi was blacklisted by the U.S. Department of Defense as a “company associated with the Chinese army,” which led to a temporary drop in shares, but later the restrictions were lifted. Xiaomi is not formally a state-owned company, but, like many Chinese corporations, interacts with authorities through national programs (for example, development 5G or AI).

Is Xiaomi a state-owned company?

This is one of the most common brand myths, and Xiaomi is actually a private company with public shares, not a state-owned company like Huawei (where government share is mediated through funds and subsidies).

• 📌 Partnership with the authorities: Like other Chinese tech giants, Xiaomi is involved in government initiatives (e.g., the Made in China 2026 project) and in 2021, the company received a grant to develop chips from the Beijing government.
• 📌 Censorship and local restrictions: The MIUI versions for China are subject to local laws (e.g., blocking VPN or restricting Google services).This does not mean "state control," but shows adaptation to the regulatory environment.
• 📌 Stocks: Xiaomi is traded on the Hong Kong Stock Exchange (HKEX: 1810), which implies transparency of reporting and lack of hidden government influence.

By comparison, Huawei is 100% owned by its employees through an internal fund, while ZTE has direct ties to government entities: Xiaomi is closer to the Alibaba model or Tencent is a private company with Chinese roots, but without direct government control.

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If you buy a Xiaomi smartphone outside of China, you get a global version of MIUI uncensored and with support for Google services. Check the firmware region in settings: Settings → About Phone → MIUI version (should be "Global").

Who makes the key decisions at Xiaomi?

Formally, the highest governing body is the board of directors, but the real power is concentrated in the hands of a narrow circle of people:

1. Lei Jun is the founder and CEO, overseeing strategic direction, innovation and key partnerships (e.g. Meitu or Leica).
2. Lu Weibing is president of international business, responsible for expansion outside of China (including Russia, India, Europe).
3. Zhang Feng is the CFO, who manages budget, investment and shareholder relations.

In 2023, Xiaomi reorganized its management structure, splitting the business into three areas: Smartphones, Smart Electronics (IoT), and Internet Services, each headed by a separate vice president, but the final decisions are still approved by Lei Jun.

For users, this means that:

• 🔄 Updates MIUI and firmware are coordinated by a team led by Hong Feng (responsible for software).
• 📦 Logistics and supply (e.g. to Russia) is the responsibility of Lu Weibing.
• 💡 Innovation (folding phones, robots) is personally overseen by Lei Jun.

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Xiaomi is one of the few tech companies where the founder retains full control despite being a public company, allowing for quick, risky decisions (such as entering new markets or investing in startups), but can hamper corporate governance.

How Xiaomi is Connected to Other Brands: The Ecosystem and Subsidiaries

Xiaomi is not just about smartphones, it has built an ecosystem of brands and partners that operate under its umbrella.

Xiaomi is also investing in dozens of startups through the Xiaomi EcoChain fund, such as the smart appliance brands Yeelight (light), Viomi (home appliances) and Mijia (accessories) that were originally developed with Xiaomi’s support and now operate independently, but remain in the ecosystem.

Why is it important to the user? When you buy a device from POCO or Redmi, you get a gadget with the same MIUI ecosystem that is compatible with other Xiaomi products (such as smart lamps or speakers). However, the level of support may vary: POCO often receives updates later than the main line of Xiaomi.

Xiaomi’s Impact on the Global Market: Why Property Is Important

Understanding whose company Xiaomi is is has practical implications for users, investors, and even governments.

• 🌍 Geopolitics: In the context of the trade war between the US and China, Xiaomi was sanctioned (it was temporarily blacklisted in 2021) and this affected chip shipments and access to some technologies.
• 📱 Data security: In 2020, Xiaomi was accused of collecting user data without consent (including browser history), the company denied the allegations, but the issue of trust remains open.
• 💰 Investments: Xiaomi shares (HKEX: 1810) are a popular asset among investors, but their rate is highly dependent on Lei Jun’s decisions and the macroeconomic situation in China.

For ordinary buyers, this means:

• 🔒 If you are concerned about privacy, check the settings of MIUI: turn off Send Diagnostic Data to Settings → About Phone → Additional → Privacy.
• 🛒 When you buy Xiaomi in Russia or Europe, you get a global firmware version that passes additional compliance checks GDPR.
• 📉 If you consider Xiaomi shares as an investment, consider that they may change dramatically due to geopolitical risks (for example, new US sanctions).

⚠️ Warning: In 2022, Xiaomi suspended shipments to Russia due to logistical problems, but partially restored them through partners in 2023.

Xiaomi’s Future: What to Expect from the Company in 2026-2026

In the coming years, Xiaomi has several key priorities:

1. Cars: In 2026, Xiaomi unveiled its first electric car, the Xiaomi SU7.It's part of a diversification strategy as the company plans to compete with Tesla in the Chinese market.
2. Chips: Following the sanctions against Huawei, Xiaomi has accelerated development of its own processors (Surge line), which are expected to appear in flagship models by 2026.
3. AI: Integration of generative AI into MIUI (e.g., for photo processing or voice assistant).

For users, this means:

• 🚗 If Xiaomi SU7 proves successful, the company could expand its lineup of electric vehicles, which will affect the ecosystem (e.g., integration with the smart home).
• 📱 Surge-based smartphones could be cheaper by dropping Qualcomm, but that’s a risk to global network compatibility.
• 🤖 The development of AI in MIUI can both improve the user experience and raise new privacy questions.

Lei Jun says Xiaomi’s goal is to become “the world’s leading smart device company,” and that the brand will need to balance innovation, geopolitical challenges and shareholder expectations.

FAQ: Frequent questions about Xiaomi owners