China Fund News reporter Ivan
For the recent millet, although it is now approaching the New Year, the atmosphere is not so festive, and even a little bit of "eventful autumn" meaning - the loss of domestic market share, the loss of backbone, and the stock price broke 2 days ago. Yesterday evening, there was news that the heavyweight executives of Xiaomi Group had also left.
According to multiple sources, on January 28, Xiaomi released internal documents saying that Chang Cheng, the former vice president of the group and general manager of Xiaomi's mobile phone product department, left his post, and his position was concurrently held by Zeng Xuezhong, president of the mobile phone department. At the same time, Shang Jin, former vice president of the group and general manager of the new retail department in China, resigned due to personal reasons, and Wang Xiaoyan, deputy general manager of the China region, concurrently served as the general manager of the new retail department, and reported to Lu Weibing, president of the China region.
(Changcheng (left) and Xiaomi founder Lei Jun (right) Source: NetEase)
In this regard, Xiaomi said that as a company, it fully understands and respects personal wishes, and thanks them for their support and hard work in the past work, and also wishes them a smooth career path in the future. Xiaomi already has sufficient talent reserve echelon construction, personnel changes will not affect the normal development of business, has a proper business connection.
Departing Lenovo, seamlessly connecting with Xiaomi
The controversial "Magneto"
For the departing millet, this morning, Chang Cheng responded on Weibo: "Thank you for my rice, two years to personally experience the power of the millet model, but also met a group of young friends who like products and love products." Sincerely wish me a boundless rice, the sea of stars. The accompanying picture also writes words such as "work separately", "each for the better", "mutual recognition", "watching out for each other" and so on. In the comment area, most netizens also enthusiastically called him "treasurer" and blessed him.
It is worth noting that just the day before leaving Weibo, Chang Chengdu was still promoting Xiaomi's mobile phone on Weibo.
(Source: Screenshot of Changcheng Weibo)
This seems to be a friendly "breakup" with the former owner, but Chang Cheng's last departure was not so quiet.
On December 31, 2019, Chang Cheng officially announced the news of his departure on Weibo. At that time, Lenovo's official response said that Changcheng had been struggling for a long time in the fiercely competitive mobile phone line, under great business pressure, and the family gathered less and left more, based on personal health and the desire to take care of the family, and proposed to leave. As a result, two days later, on January 2, 2020, Chang Cheng officially announced that he would join Xiaomi and serve as vice president of the group.
In june of the same year, Lenovo directly turned its face and formally filed an arbitration on the grounds of violating the non-compete agreement, and demanded liquidated damages of more than 5 million yuan. According to public documents, in October 2020, the Beijing Haidian District Labor and Personnel Dispute Arbitration Commission ruled that Changcheng needed to pay a liquidated damages of 5.2528 million yuan for breach of non-compete obligations within 10 days.
According to public information, Changcheng has a doctorate degree in engineering from Beijing University of Aeronautics and Astronautics, joined Lenovo Group in 2000, participated in the incubation and development of Lenovo Yoga tablet pc, Lenovo K900 smart phone, ZUK series mobile phone, and served as the head of China Mobile, and was overall responsible for Lenovo's mobile phone business. Because Chang Cheng often "touches porcelain" other mobile phone manufacturers, including Xiaomi, on Weibo, he is jokingly called "Magneto" in the circle.
After joining Xiaomi, "Magneto" is mainly responsible for the transformation of Xiaomi mobile phones to high-end, but it is still "stepping on the thunder".
In April 2020, Changcheng released a Weibo to promote the zoom ability of the Xiaomi Mi 10 Youth Edition. Weibo content shows that the Xiaomi Mi 10 Youth Edition can not only shoot the moment when the crotch of others is cracked on the basketball court, but also photograph the examination paper on the teacher's lecture desk during class, and even photograph the dirty degree of the opposite girls' dormitory.
Netizens directly did not buy it, thinking that this was "vulgar propaganda to wipe the edge ball", and later directly rose to "millet low", "using millet is a dick", xiaomi brand image was damaged, so Changcheng also apologized in the second week. At that time, there were many remarks discussing whether Changcheng was the most failed "reinforcement" of Xiaomi.
Gather talents
Xiaomi builds "Avengers"
Since 2020, in order to impact the high-end market, Xiaomi has begun to gather talents in the industry, and some mobile executives, including Chang cheng, have gathered in Xiaomi, which was once called the "Avengers" in the industry.
However, over time, some of the executives who had joined the company left again shortly after joining Xiaomi. Yang Zhao, who has previously worked for Samsung, Huawei, Meizu and other mobile phone companies, joined Xiaomi in June 2020 and was officially announced to be a marketing consultant in China in November of that year, becoming the first executive to leave xiaomi's core circle among the talents recruited by Lei Jun.
Another departing Shang Jin, who joined Xiaomi in 2013, was responsible for Xiaomi's interactive entertainment related work in the early days, and then transferred to China, where he worked with Gao Ziguang, former vice president of Xiaomi Group and general manager of the sales department in China, to promote the expansion of Xiaomi's offline channels. In September last year, after Gao Ziguang left his post, Shangjin succeeded Gao Ziguang and began to manage Xiaomi's offline business in China.
Xiaomi's "Avengers" has been expanding. In September last year, Peng Zhibin, former vice president of Country Garden, joined Xiaomi as vice president and chief talent officer (CHO) of Xiaomi Group, reporting to CEO Lei Jun and group president Wang Xiang. In addition, Credit Suisse Asia Pacific Investment Banking and Capital Markets Managing Director Lin Shiwei will assume the role of CFO and officially assume his duties on October 8, 2020.
In addition, in September last year, Zhu Dan, who has been cultivated internally for a long time in Xiaomi, was appointed as vice president and vice president of research and development of the mobile phone department. In addition, in addition to the two resignations announced this time, Xiaomi also announced that 18 new entrepreneurs plan to be selected, and after adding up to 66 last year, the total number of candidates in the plan reached more than 80.
(Xiaomi former vice president Shang Jin Source: Phoenix Network)
The market value shrank by nearly 500 billion
Xiaomi has become smaller
Near the end of the year, Xiaomi's stock price has recently made many people's faces "green".
On January 27, Xiaomi fell to HK$16.5 per share, not only falling below the issue price again, but also the lowest in nearly 52 weeks, and the group's market value also evaporated 485 billion yuan (about 395.2 billion yuan) from last year's highest value. Hong Kong dollar. It continued to fall on January 28, falling 1.33% to HK$16.26 per share as of the close.
Xiaomi Group's stock price fell, and the net worth of founder Lei Jun also shrank sharply. Throughout 2021, Xiaomi Group's stock price plummeted, even sending Lei Jun to the third place of the richest man in 2021.
Xiaomi has only recovered the issue price for only a year and a half. According to Morningstar data, on July 10, 2020, Xiaomi spent the first trading day after the second anniversary of its listing, and its stock price reached HK$17 shortly after the opening, returning to the issue price. Since then, Xiaomi's stock price has once shown a sharp upward trend. At the end of 2020, Xiaomi's stock price continued to rise, reaching a record high of HK$32.35 in the intraday on December 23, with an overall market value of more than HK$778 billion, and at that time, the exchange rate had reached the level of 100 billion US dollars, officially joining the 100 billion US dollar club. Subsequently, in the first week of January 2021, Xiaomi hit a record high of HK$35.9.
Yesterday's news, according to the Tianyancha App, Beijing Xiaomi Electronics Co., Ltd. underwent industrial and commercial changes, and Lei Jun stepped down as chairman. The company was established in January 2012, the legal representative is Zhang Feng, the business scope includes research and development of computer software and information technology, mobile phones, sales of self-developed products, etc., wholly owned by Xiaomi H.K. Limited.
(Screenshot: Sky Eye Check)
Lei Jun Weibo responded to this: Xiaomi Group has many subsidiaries, and the adjustment of the board of directors and legal representatives of the subsidiaries is very normal, and everyone does not need to misunderstand. However, most netizens in the comment area are still asking about the stock price.
EDIT: Captain