Xiaomi CEO Ranks Among Top 10 in Forbes China Best CEO List

Lei Jun, the CEO of Xiaomi Corp, has made a significant comeback into the Top 10 Forbes China Best CEO list for 2024, driven by the company's successful venture into the electric vehicle (EV) market.

Lei joins notable Chinese executives such as Chen Lei and Zhao Jiazhen of Pinduoduo, Zeng Yuqun of Contemporary Amperex Technology Ltd, Wang Chuanfu of BYD, and Zhong Shanshan of Nongfu Spring.

During the evaluation period, the companies represented by these top CEOs experienced an average stock price increase of 47 percent and a net profit growth rate of 170 percent.

Lei Jun led Xiaomi, a global leader in smartphones, into the EV sector with the launch of the SU7. This strategic move redefined Xiaomi's market approach, noted Forbes. The SU7, unveiled in December and launched in late March, made an impressive debut with 88,898 units sold within the first 24 hours, a feat attributed to Lei’s effective use of live streaming for sales.

Founded in 2010, Xiaomi swiftly rose to prominence in China's smartphone market with its competitive pricing strategy. Lei’s personal marketing style, positioning himself as an approachable tech enthusiast, has resonated deeply with Chinese consumers.

In 2020, Lei expanded his influence by launching personal accounts on social media platforms such as WeChat and Douyin. His Douyin account now boasts 28.8 million followers. In April this year, Lei’s gesture of personally delivering the first SU7 to a customer in Beijing, captured on social media, further enhanced his public image and boosted sales.

Xiaomi's first-quarter revenue for this year was 75.5 billion yuan ($10.59 billion), up 27 percent year-on-year, with a net profit of 6.5 billion yuan, up 101 percent year-on-year. Xiaomi's data shows 7,058 vehicles delivered in April, 8,630 in May, and over 10,000 in June. The company is on track to meet its 2024 target of 120,000 vehicles by early November, according to Lei.

Observers credit Lei’s innovative personal branding in the company's marketing efforts as setting a new benchmark.

"His live streaming events and social media interactions have not only driven sales but created strong emotional connections with consumers,"

said Jason Yu, general manager of Kantar Worldpanel China.

This strategic use of personal branding underscores the irreplaceable value of a founder's personal brand equity in corporate marketing. Similar successes are seen with Zhou Hongyi, founder and chairman of 360 Security Group, who gained popularity at the Beijing Auto Show through his engagements with Chinese EV users and later advocated for CEOs to develop their personal brands for enhanced marketing.

News Source: China Daily