Here’s what Xiaomi said about CEO’s US$1.5 b stock award, producing space rockets

Xiaomi CEO Lei Jun, dressed in a black suit with bright red tie, introduced his management team and answered questions from the media in Hong Kong about his company’s highly anticipated IPO. The public offering will open for subscription on June 25 and close on June 28.

During the 90-minute press conference at Hong Kong’s Four Seasons Hotel, Lei called Xiaomi’s business model – which he has labelled as a “triathlon” of hardware, e-commerce and internet services – as a “new species”.

Not everyone agrees. The Chinese securities regulator asked Xiaomi whether it considered itself a hardware or internet company, while international institutional investors questioned the valuation which they thought was high for a hardware company.

Lei said he has given it a thorough thought over the past few days and figured out an answer. “You don’t have to struggle to find out what kind of company Xiaomi is. What I care more is that Xiaomi is an unique company,” he said.

Xiaomi will be the first company to be listed in Hong Kong with a dual-class shareholding structure.

Lei and Xiaomi’s executives took questions and here are some of the notable moments.