Xiaomi’s IPO will create new billionaires among its founders, based on the maximum pricing unveiled in the smartphone company’s prospectus today.
CEO and co-founder Lei Jun, who is already a billionaire and would have more than $18 billion of wealth from Xiaomi alone. Xiaomi’s President Lin Bin, an American citizen, would have a new net worth of at least $7.8 billion. Hong Feng, who is a senior vice president would be worth as much as $1.8 billion. Chief brand officer Li Wanqiang would smile to the bank with $1.8 billion.
Lei Jun’s Net Worth
According to Forbes Magazine, Lei, adding his non-Xiaomi assets, would be worth $20 billion, making him among one of China’s ten richest men. Even though he would be among the world’s wealthiest tech billionaires, his fortune would rank below Pony Ma’s and Alibaba’s founder Jack Ma’s fortunes. Xiaomi was reportedly aiming for an IPO valuation of $100 billion but appears likely to have settle for less than $70 billion amid concerns about its profit outlook
Explosive growth in Internet and mobile phone use has made China, the world’s most populous nation, an extraordinarily fertile spot for new tech fortunes in the past two decades. China already ranks only second to the U.S. as home to the world’s most billionaires. Xiaomi’s future tests will include how well its hardware sells at home and overseas, its ability to expand into services, and its profitability.