A few days ago, Xiaomi Group Chairman Lei Jun delivered the 2022 edition of his annual speech. During the speech, he explained a lot of the company’s plans for the future and also worked to demystify some of the rumors. The chairman recounted how he gained experience from Kingsoft WPS and Pangu Software, which he lost to Microsoft in 1996, became an “internet-addicted teenager”, became a manager at BBS, and finally embarked on Xiaomi’s path. According to him, the rumors about the acquisition of Tencent QQ are false.
Lei Jun explained that there is no such thing as someone on the internet saying that Tencent QQ asked them to see the acquisitions. “Ma Yun and Ma Huateng asked him to invest in Alibaba Group,” he said. In fact, the only thing he revealed was the possibility of investing in NetEase. At the time, NetEase had only been a year in existence and it was the case for hosting personal websites. Lei Jun offered 10 million yuan to get it, however, Ding Lei refused. Since then, NetEase’s valuation has risen from $10 million to $500 million, leaving Lee Joon in shock. After the acquisition failed, Lei Jun decided to do it himself.
Lei Jun’s story Joyo . details
Back in 2020, Joyo.com was officially launched. Lei Jun decided to create an online book, audio and video store. The CEO’s previous experience selling merchandise in the store and his ongoing buildup were used to understand retail. In two or three years, Joyo.com became the largest B2C e-commerce company at that time. However, due to the financial crisis and the Internet bubble, the capital market environment was not good. After reluctance, he had to sell it to Amazon. During that time he avoids seeing old colleagues and purchasing any Joyo products or services.
In a continuous process of trial and error, Lei Jun saw the truth. Where there may be errors, there will be errors. Therefore, starting a business requires a bit of luck and the need to have a clear judgment of the overall trend.
This week, Xiaomi announced a bunch of important products. For example, it introduced the innovative Xiaomi Cyberone robot, Mix Fold 2, and Redmi K50 Ultra.