Putting all rumors to rest, Xiaomi’s chairman Lei Jun broke his silence on the IPO launch of the China-based smart phone maker during the fifth World Internet Conference in Wuzhen on November 7. The company, founded in 2010, applied for an IPO in the Hong Kong Stock Exchange in May 2018 and got listed in July.
Earlier, Lei Jun had denied all rumors about Xiaomi’s possible IPO in the run-up to the event. In an interesting development, Lei said he was one of the two persons who voted against Xiaomi going public- the other being Xiaomi’s co-founder and current vice-chairman Wang Chuan.
Back then, Lei was quoted as saying: “Xiaomi does not lack money. We think our market value is important but we do not really care about it”.
Lei said 2018 was the ideal time for the IPO as the company is already eight years old and considers the move as an important learning curve.
Xiaomi met annual target of 100 million sales at the end of October 2018. “We have strong competitors. If we want to succeed, Xiaomi will have to keep innovating,” Lei said.
Lei said the quality and the user experience along with the internationalization helped Xiaomi stand out from the competition. He said Xiaomi has presence in 80 countries and the company is in the top 5 sellers list in 25 countries.
Lei’s short term goal is to reach the top 3 rankings in as many countries. A few days earlier, during the China International Import Expo in Shanghai, he said Xiaomi has successfully incubated around 25 Internet companies in India.
Lei said Xiaomi will launch a 5G phone in Europe in April next year.
The Internet of Things is a key industry for Xiaomi. 115 million devices are connected to Xiaomi’s ecosystem of Internet of Things, he added.