The launch of the YU7 electric car has once again made the head of Xiaomi the richest man in China
On 27 June 2025, Xiaomi's share price hit an all-time high of HKD 61.45 on the Hong Kong Stock Exchange. This is more than 18 per cent higher than the previous record of HKD 52 set in February 2024. Xiaomi founder and CEO Lei Jun has once again become the richest man in China.
Here's What We Know
The rise in share price is directly related to Cheaper than Tesla Model Y: Xiaomi YU7 goes on sale in China. Within the first 3 minutes of the pre-order launch, 200,000 applications were made and 289,000 applications were made in the first hour! Of these, 240,000 applications were confirmed with a deposit.
The YU7 price starts at 253,500 yuan (approximately $35,300), which is 10,000 yuan cheaper than the Tesla Model Y in the Chinese market. Due to high demand and limited production capacity, the electric car has a waiting period of 41 to 50 weeks for delivery.
According to Chinese sources, Lei Jun's current assets are around 440 billion yuan (approximately $68 billion), making him the richest person in the country at the moment.
This is the second time the Xiaomi chief has topped China's billionaire rankings, the first time was in February 2024 and also on the back of a stock surge due to the announcement of the company's first electric car, the Xiaomi SU7.
Source: Car News China
