Xiaomi Lei Jun: Xiaomi will focus on home Internet and cloud services

F: The development trend of the Internet and related industries in the next three to five years?

Lei: I think, from an accurate point of view, since 2010, China has entered the era of mobile Internet. In the past four years, mobile internet has developed very fast and many interesting companies have emerged. Of course, I think Xiaomi is one of them. I think the first phase of competition and development should have come to an end. Now that we have entered the second phase of development, the mobile Internet will have at least 5-10 years in the peak of China's development. So in the next five years, I think China's mobile Internet is still the most important direction.

In addition to the mobile Internet, another new opportunity arises today, but there is no accurate term. This includes smart devices, including IOTs, including the home Internet, probably speaking about a class of things, we will use homeInternet like this Words to describe.

I think the industry, the landmark event, was the acquisition of Nest by Google in January this year, and then the global investment in IOT began to increase. I think Xiaomi is also one of the major players, from our TVs, boxes, routers, wearable devices, home smart devices, all smart, interconnected, I think this is the future can be a decade of rapid development.

The third point, I think that cloud services has entered the use phase, cloudservice should be done for five years, starting from Amazon doing AWS services. But for large-scale applications, I think it is relatively small compared to the entire demand. I think that in the next 5 to 10 years, it should be a period of rapid development. In China, Ali leads, and Ali does 5 years. This Amazon may have been doing for 8 years. I can't remember the exact time now.

Therefore, I have three viewpoints on the future development of the Internet. To sum up, first, I think the mobile Internet is at a very important stage. The second is the home Internet. The third is the cloud service. Cloud services and the home Internet and mobile Internet are also highly connected because all devices are networked and his data is all online. So we talked about cloudservice and talked about bigdata. Bigdata talks about this for a long time. In fact, everyone thinks it is a bit of nominalization, that is, it is packaged. It makes a great deal of this thing, and ordinary consumers and even people in many industries don’t feel it. After the automation of these devices, bigdata's feelings will be there step by step.

Because on the 1st of this year, the daily data stored by Xiaomi Cloud has reached 380 T. This is only China's. I think this is a terrible figure. We have risen six times this year compared to last year. I think there will be at least three times the growth next year than this year. Therefore, on a large-scale application, after 5-8 years of the past, from the start of the Amazon to Alibaba Cloud, which has been warmed up one by one, I think it is just beginning to get better.

F: How do you invest and how do you catch these opportunities?

Lei: Xiaomi started doing it in 2010. In 2010, I was just 40 years old. My experience, ability, resources and the times are exactly the same. So the three things I just mentioned are all directions we are going all out. I think we are doing mobile phones and we are doing mobile internet. We are not making mobile phones themselves. What we do is what's inside.

I remember two years ago, the first time I said it was a large WeChat, large QQ, it has all the communication features, all applications and services. So we count as doing things inside, but in order to make things out of it, we made a shell: mobile phones. Therefore, we understand that mobile phones are different from others. What we see is exactly what we do with this shell. In fact, what we do is inside. This is our core business.

So based on this, the first one I do is the mobile Internet; second, I am now doing homeInternet; Third, I am extremely concerned about large database cloud services. I believe that in the new data volume, Xiaomi is NO.1 in these Chinese companies.

Everyone thinks that Alibaba has a lot of data, but Ali only has transaction data and he does not have a few bytes of transaction data. The vast majority of our storage is unstructured data. I think this data is massive, including the data of the devices we make. For example, you, my bracelet, are connected to the Internet all the time. You can store all your sports data and sleep and rest data on the Internet. This is a deep exploration of the future. It helps us introduce health and sports. There are huge benefits. We also invested in iHealth. iHealth combines all your blood pressure and health data. We are indexing people and indexing people. We do these smart devices to make the machine understand people more and more profoundly. This can find valuable information from bigdata. Therefore, in these three directions, Xiaomi is doing it.

F: Can you talk about the three major trends you just mentioned, such as home Internet and cloud services?

Ray: I started with cloud services. First, my understanding of cloud services, cloud services will be divided into many layers. The first is that the infrastructure includes IDC, bandwidth, and fiber; the second layer is a service similar to AWS, which is a virtualized service and storage service; and the third layer is an application-level cloud service. That is, I made it into Xiao Miyun and made specific services, similar to the memo notes Ever Note and Box, which are all application layer services.

The focus of our construction today is the second and third floors. Who does the second layer do? Kingsoft Software. The special company called Jin Shanyun. We let Jinshan's board of directors approve the investment of 1 billion US dollars in the next 3-5 years to do this. You can't do it because you don't invest 1 billion dollars. For the sake of this time, when I was in the 11th, a Kingsoft Software Investors and Analysts Conference was held in Hong Kong to explain the cloud strategy to them.

What does Xiaomi himself do? Xiaomi is an application. How can I get my users to put data through Kingsoft's service, exist on specific servers and IDC? In this piece, I estimate that by the end of the following year, Xiao Miyun will have more than 1,000 P data. 1000 T equals P, 1000 P calls E. 1000 P I translate into how many servers I need, how many cabinets are needed, how many IDCs are needed, and what is the bandwidth. The storage cost of 1 P per year is 3 million RMB. If this cost is used to calculate 1000 P - if not increase, this data is actually still exploding - 3 billion RMB, only one year of storage costs. It is a huge investment and Xiaomi is ready to do so.

So if we can't use bigdata's technology to transform the value, then our company will really go bankrupt again. It is added every month. The user's data user is not deleted. We have no right to delete it. It is more and more. It's terrible now, but I can't afford to live. I can't afford to stay next year. I can't live with it until the following year. If bigdata is worthless, then I'm going bankrupt.

But I have confidence and value. I have all your information, but you have to authorize me. Now we have complaints of privacy in the world and we plan to do two things. The first thing is to do a privacy white paper. Ask foreign lawyers to audit whether we have done it. We must use the highest standards in the world to manage privacy. The second thing, we will try our best to localize the data. For example, India's data goes to India, Taiwan's data goes to Taiwan.

Localize data, and at the same time formulate the world’s most demanding white paper on privacy, explain what each of us do, how you want to destroy it, and if you want us not to have any data on you, we don’t want any data, we must follow The highest standards in the world.

We must promote data localization. This is the first thing. We do the future of Google The challenge that these companies will face is data localization, including Amazon, which means that you have to be a global company. In the era of big data, you have to localize data. The second one you have to publish all your privacy white papers, you explain what data you receive in the end, how do you use these data, and what authorizations do you have from your users?

In the future, because these data are all paid for by the user, you haven't paid for it, but if you want to authorize me, I can use the machine to read it, just like Google did. It would be unreasonable for me to pay so much money. I made this one. After the direct application is Internet finance, I can decide not to give you a loan. You have a salary of 30,000 yuan a month. Every month, you also pay credit cards on time. You often go around in Sanlitun, Beijing, and you will not go anywhere else. I think your income is OK. You work in Xiaomi and you borrow 100,000 yuan. Money can't run away, right? Because I have all the data.

And in the field of big data, we also found a lot of experts, like Dr. Cui who is responsible for the server, including the HBase team he led there. We have two communities that have entered the world. There are thirty or thirty-one in the world. There are two millets and one Ali. China has these three. So we already have a good technical reserve in big data.

So first, I want to do middle-tier cloud services. Second, I did application cloud services. This is a huge investment. In fact, these two investments are very large. That IDC I can not do as much as possible. Maybe I will do in the center room, but I will not cover my room like Google. I will cover one or two central nodes, but I haven't covered it yet. In the future we will cover several core central nodes. Then the second floor is handed over to Jinshan Gai because it also requires a lot of investment. Jinshan I am also a chairman and a major shareholder. Then we Xiaomi only upper layer. One more step is to complete the upper level. This is the mining of these data. If you do not dig, it will become more and more until you collapse the company.

Regarding HomeInternet, we have a very basic concept: the mobile phone is the center of the world. Everything is a peripheral to a mobile phone, so we have to connect all the devices, including your home camera and TV. Then we use the thinking of the ecosystem to think about this issue. In the future, when you come home, all devices are connected to the phone. When you leave home, you will know everything about the air and water in your home. Then the camera, the security situation you are all clear, you go home, the family will know that you are back, because your cell phone, your bracelet, are marking your identity.

F: This feature is more attention to women, or men? Is the majority of females mostly male or female?

Lei: For us, we think that the popularity of mobile phones has reached the point where both men and women go, so we need to make it available to everyone in the family.

F: Your company used to sell mobile phones. Does your company also want to sell your home-related equipment?

Lei: We do millet network is to do electricity providers, of course, to sell. There is an important strategy here, which is whether Xiaomi invests in ecological chains, invests in start-ups, or invests in some big companies to let others do it. In accordance with the requirements of my interconnection, can be linked together, OK. I will pick some good ones and sell them on Xiaomi's website. For example, this bracelet only costs 79 yuan, a mess of fire. There are now more than 500,000 a month, and the Twin 11s have sold more than 90,000, and they have not yet been marketed. I think he should have 1 million a month.

F: Which company?

Ray: Wahmi. Millet must do less, less is more. Focusing on getting things done well, we only make three products, phone and pad it is a product, TV and box is a product, there are routers. Nothing is allowed. We do all three of the hardware. All other things are done by start-ups. This is equal to our direct investment in the ecological chain.

F: How much is your company currently investing in?

Ray: There have been 23 shots. This kind of company almost seems to be domestic.

F: These investments are the investment of Xiaomi?

Lei: Shunwei is responsible for investing in Xiaomi's ecological chain. Our two companies are cooperative. We are two teams to watch, Xiaomi's team is directed to see, they are scanning in the market, to ensure no dead ends. Good projects will enter our vision. We just talked about the ecological chain of smart hardware. This ecological chain includes a lot, including content, mobile internet applications, games, and smart hardware, all related to us. Because we are asking ourselves to do less things, we have to invest a lot of people to help us work together.

F: Just this week you invested in Youku.

Lei: Youku is another project of us. It is a special fund for content investment. It is a billion-dollar fund. The first time it has just arrived is just beginning.

Before we also invested in a company, Thunder. Xiaomi Jiajin Jiashun We voted for 310 million U.S. dollars. Thunder is mainly responsible for the remaining traffic and bandwidth optimization. It is used to schedule servers and idle bandwidth assets. This is basically an investment in our cloud service. These three directions are all great investments. Cloud services, smart hardware, and content are different teams are doing.

F: What is the relationship between Shunwei and Xiaomi?

Ray: Xiaomi is the main LP. Shun Wei was founded by Xu Dalai and I. Three years ago, we raised $250 million in the first phase and $525 million in the second phase. Now it is a total of $750 million. The main goal is to invest in Xiaomi's ecological chain and help Xiaomi increase Xiaomi's ecological chain.

Of course, there may be well-known LPs, such as Temasek, GIC, ADIC, and Harvard Education Fund. These are basically these, including Morningside, and we have a good relationship. They are the largest shareholders of Xiaomi's institutions.

Those companies are reluctant to say that we will not publish this portfolio because the market always thinks that Xiaomi Investment is a team. We don’t want them to stand in line. We welcome them to work with any of our peers and encourage any of our peers to invest in our investment. The projects, including the projects they voted for, are also interested in participating. In the market, we are very different from today's China's Big Three BAT. We are willing to cooperate with any one of them. We do not set any restrictions, saying that if you cooperate with me, you cannot cooperate with others, but it seems that everyone still misunderstood us. Because we voted for other families, they were uncomfortable and slandered us in the media. We were very open.

F: How do you see the future development of millet TV?

Lei: Our millet TV has just started to do. I think this business will sooner or later be the first in the market. If we do not achieve the first market, why do we do it? So we only do a few core businesses, mobile phones, televisions, and routers. I am very optimistic about the router, because the router is not a lot of home 24 hours boot device, in fact, I think it as a home server and home control center to understand, so I think the router is also very important. TV is a big screen and it is very important. The router is also very important. We don't do anything else. Let everyone do it well.

F: So in these three important directions, the development of the domestic market seems to be still very big

Ray: I think it has just begun.

F: With regard to the overseas part, your company is currently starting to develop in Southeast Asia and Asia Pacific?

Ray: Yes, it started a year.

F: Can you tell us about how to go overseas?

Lei: I think from the first day we started Xiaomi, our goal is to be a Global company. We feel that Xiaomi’s model adapts to any country and region in the world. Therefore, in our early experiments, we chose Taiwan, Hong Kong, and Singapore. Experiments have been very popular. So we now want to come to India as a major breakthrough. Our performance in India is also very good.

F: Why do you personally like India?

Lei: I am not optimistic about India. I am optimistic about the millet model. No matter which country, we will enter sooner or later. Maybe 5 years or maybe 10 years, we want to make this global model, so I'm not optimistic about it. I must do it. Why I chose to focus on India first because India is a big market. I have done very well in Taiwan, but Taiwan is really small. I have done a good job in Hong Kong. Hong Kong is also very small. Singapore is also very small. I have to make a big market. Without a large market, there will be no quantity. If there is no quantity, there will be no mobile Internet. This is a deduction, so we must first take down several big markets in the world, and then we must do a small market step by step. Can not just enter the small market, the small market does not move the market.

F: What about the United States?

Ray: We may be in the United States three to five years later. Because India has more than one billion people. Competition in markets such as India, Indonesia, and Brazil has not been fierce in the US market. I will first do these markets well, and then finally do the European and American markets.

F: Your company has grown very fast. How can you continue to maintain this high growth rate?

Ray: Our development in the past three years was very, very fast. I think in the future, the first one is internationalization, plus a few big markets, and it will be the first place in the local area. This growth will happen. Second, when our mobile phone is still growing rapidly, we have already Do the second step of the third step. The second step is television, because television is also a big commodity, and the third is preparing intelligent hardware, so we have already laid out the road in the next few years. Now that television has only just started, there are growths in these two dimensions. I think that millet's growth can be expected in the next three years.

F: We talk about the Indian market, India has mobile phone products?

Ray: In the future we will all sell in India.

F: What are the preparations for that supply chain?

Lei: I think the first one is that the core of the millet model is very light and light. Being light means that his expansion will be relatively easy. We do not set up an entire sales channel, store, or entire network in India. This will take a long time. We only need to maintain a good relationship with users on Facebook and Twitter, and then make mi.com operational within the scope of Indian policy permission. That is, they can directly log in to the website, and they can do it in a single click. No need to do anything else. Now.

Now it is just a matter of transporting goods from China to India. In the future, perhaps the final assembly production will be put in India and the supply problem will be solved again. Then we can do it again. We have plans to urge our partners to set up factories in India. You think of us as Amazon. Our current products are very cheap to sell. If we send them abroad, this freight is now more expensive. We only need to send a large number of products to a warehouse in India. This problem is solved.

F: Why is the US market so big for three to five years?

Lei: For three years, we are in a country of 1.3 billion people. I think the US market is not big.

F: Although your company does not have any business in the United States, isn't there some investment?

Ray: We voted for some American start-ups.

F: Can you briefly introduce what?

Ray: I can't introduce it. We invest in others. If we want to speak, we must get permission from him. We do not know if we will influence them. So as an investment institution, we must not publish the portfolio unless it is the last resort unless the company says that We will only speak for Xiaomi to invest in them.

F: Your personal introduction in Xiaomi's official website is to treat you as an angel investor?
Ray: I have basically not done it now. I may be one of the most famous angel investors in China. I believe it should be in the top three or the top five. Before doing Xiaomi, my main job was angel investor.

F: Why is the main focus now on Xiaomi?

Lei: I did not invest in angels because I wanted to do it because after I retired from Jinshan, many friends came to me and I became an angel investor. I just helped. I am very busy now and I have no time to help. If there is an opportunity for angels to invest, we are all corporate priorities. Unless my good friend finds me for help, the company looks down on them and the company is unwilling to invest, then I will invest. This avoids conflicts of interest and is also transparent. Otherwise investors will worry that there is no way to explain.

F: In addition to the industry related to Xiaomi or related technologies, if you still have time to be an angel investor, what areas will you favor?

Ray: Besides millet and the direction we are concerned with, I also like online education. I think education can help the Chinese people, so we invested in online education; for example, renting an online house is helping young people to rent a better house faster and at a lower cost. This solution to young people's problems is also our concern.

F: There is something to do with this?

Ray: Yes, there are many.

F: Can these be disclosed?

Lei: Online education has a homework, 51 Talk, we also voted several.

F: What about the medical field?

Lei: In the medical field, Xiaomi voted for iHealth, and she voted for Lilac Garden. I personally voted for a good doctor. Good doctors and Clove Garden are the two best companies in Internet medicine. iHealth is a personal medical device and it has been voted few, but there are some.

F: Can you introduce some of the original promising investment?

Lei: I invest in these areas are all hope to help this social progress. I think that medical care is a key issue for our society in China, but it is complicated and difficult to do. It takes a long time. My own position on my own, I think my most important value to Xiaomi is to do a good job. There are so many things I do today, so I have to do subtraction and focus, so my daily most important job is to adapt to our products, to understand the progress of our products, to make product definitions, to do well with users of interaction. I don't care about other things, because only then can I do things well.

F: I understand.

Lei: The most important thing for me is that Xiaomi must do a good job and other things can be abandoned. Because I was very fortunate to participate in the establishment of Kingsoft, and lead the establishment of Joyo. So I was financially free 10 years ago. For me, the purpose of work is not to earn more money, not for more fame and interests, and the interest of work is to enjoy the sense of accomplishment in this process. The second one is valuable to this society. You see all my investments are centered on this idea, that is, either to help young people start businesses, or help them make some interesting products, or to promote the progress of the entire society.

F: Xiaomi became a popular brand in China in such a short period of time. How does brand management work?

Lei: I think brand management is the next thing that Xiaomi should seriously think about and promote. I think that in the past four or five years, we have done it with intuition. Based on intuition, interest, and hobbies, I feel that love is the most important motivation for doing a good job. Because I am an enthusiast, I chose to serve enthusiasts, that is, how to make a good product. Other enthusiasts praise you. Therefore, I do Xiaomi brand is to do for enthusiasts, how to let them participate in comments, help us develop. How to make a good product, and feel happy when they have done it themselves, is mainly for this purpose. So our brand positioning needs to be related to a few words: young, because young people like tossing; then enthusiasm is that this thing is fun and fun, so we have followed some basic principles, our brand is fun, young and passionate. It is all issues that we care about.

F: According to media reports, have you borrowed from sea fishing and some other companies?

Ray: I learned the ideas of the three companies before I set up Xiaomi.

The first Tong Ren Tang is how to be a 100-year enterprise in China. Tong Ren Tang founded 340 years ago, consistent emphasis on quality. So I think that in order to go to the world in the future, Chinese products must be quality-oriented. Over the past 30 years, Chinese products have felt cheap and bad for the world. I think Xiaomi's rise is high quality but very cheap, just like the rise of Japan and South Korea. We must stick to high-quality products.

The second point, with reference to sea fishing, is the greatest enlightenment for sea fishing. It is the reputation of sea fishing that is very good. In Chinese restaurants, they never make any advertisements. Their most important model is to make every guest happy beyond expectation and feel that this thing is good and beyond expectations.

In the third article, we refer to Wal-mart, which is an efficient operation. Because low prices are easy, I think high quality and low prices are not easy. Where is his difficulty, your cost is much higher than others, and you have to do it very cheap, because of your entire operating efficiency. This was a reference to Wal-mart before I was founded. Later, I discovered that Costco is more embarrassing and better than Wal-mart, so both Wal-mart and Costco are classic examples of efficient operation. However, I feel that Xiaomi's operating efficiency is also very high, so only high efficiency can have the opportunity to sell products cheaply, otherwise you are a huge loss, the loss of shareholders is not happy, employees are not happy.

F: You just said Xiaomi's efficiency is high. How is it quantified?

Ray: I think the first one, we are doing less. With more than one thing, the cost is high. Only do the most essential thing. The second mobile phone does not do so much, only a few paragraphs. Can television only make one or two paragraphs. The second one, you hire the best, one person may be top 50, so the cost is low. It may seem that the person's package is very high, but he is really capable of 10 people, 30 people, 50 people, he is not high, so we are very demanding and strong. I still have one, that is, innovation. No channels, no retail stores, a lot less, and basically no advertising. Dedicated to products and services. The shortest path: users like my products, directly on my network, direct sales, and intermediate links are all lost, so our high efficiency is also related to the superiority of our model.

F: Another one, I think it is the scale.

Ray: There are also scale effects. Therefore, it is actually four-point cost reduction. The first is to do less work. Many big companies are very greedy. They do a lot of things. They don't make money to do that, so they are getting more and more expensive. Today, we have about 7,500 people and 5,000 service departments. We take out the service department, callcenter, warehousing, maintenance, and there are only 2,500 millet people. This 2500 people have to do 75 billion to 80 billion, and the global per capita output is very high. It is very high, and the amount of taxes paid per capita is also high.

Doing less, this is kingly.

The second thing is to hire the best people. The third mode is leading and kills the intermediate links. The fourth is what you said. His scale is very large. He is very cheap, so we only need four or five strict points to cover all the costs of our company. Is this model invincible? So my product can be sold very cheap because of my high efficiency. I used to read the biography of Wal-mart. He said that in order to sell cheaper Sam, he was wondering how this thing could be sold cheaply? In 1962, the entire retail industry in the United States earned a gross profit margin of 45%. He said that I only need half of the gross profit margin. Then what do I do? He said that I rented an old warehouse in a remote place. The simple decoration was almost unrenovated, so I Only half of the money is earned. He said that because I'm cheap here, everyone is willing to drive 10 miles and 20 miles to my shop. This old Sam makes this. It's very inspiring to me. It means that something is cheaper. We can't cut corners or cheap, you must meet the 4 points I just said.

F: In that case, if the price of the mobile phone is still likely to be depressed in the future?

Lei: Of course, we recently launched all new 4G mobile phones, Red Rice 4G 599, and deducted taxes only 80 US dollars. This cell phone is a mess. The 4.7-inch screen is as big as the iPhone 6 screen. 80 U.S. dollars are good for mobile phones, and they are mad in India. I don’t think it’s going crazy in Indonesia today. It’s very good.

F: Can you still go down?

Ray: It is possible. To get things done first, then to make things super cheap, because our own operating costs are very low, so we have profits.

F: It seems that there is another special feature of Xiaomi's side. Lei is always able to form a very good team.

Ray: We are very demanding on people. I just told you so we are looking for the smartest people.

Excellent, change the word, they have the teamwork ability, they have a strong emotional intelligence, know how to communicate. Our point of view may be a bit different. Our most intelligent people are the best to cooperate because he knows how to cooperate with others. People who are often not smart enough feel that they are smart and unwilling to cooperate with others. He is really smart and he is very cooperative. He knows where the border points are.

F: What advice do you have on how to set up a good team, such as the Xiaomi team?

Lei: Of the 8 founders of Xiaomi, only one is my former colleague, one is my former friend, and the other 5 people are all we find. The pattern for finding a team is to find what you need first, be the best in the industry, and then communicate with him step by step to persuade him. So we will find the best people, not those who have previous cooperation experience. Many entrepreneurs tend to find familiar people. This is also a mode of management. It is easy to cooperate. But it is not as good as finding the smartest people. The company has a high probability of success.

F: There seems to be a trend in China's Internet industry. There are more and more foreign partners in domestic companies. Do you think this is how it affects the domestic industry and the Internet-related industries?

Ray: I didn't think about it. We want to become a Globalcompany. He told me that he chose this Chinese company. I said no. You are the first strict foreigner in a global company.

F: Can you ask directly, is there any plan for IPO at this moment, Xiaomi?

Ray: It will not be considered within five years.

F: The company already has more than 10 billion US dollars in revenue. What is the new goal?

Lei: Xiaomi is a firm that sticks to noKPI, so we are mainly forecasting for the coming year, not a goal. That's our forecast that we hope to make 120 million mobile phones by the end of next year.

F: What about income?
Lei: I think the income will probably be about RMB 140 billion.

F: How much is this year?
Ray: It 's about 75 to 85 billion this year. We will announce this year’s figures by January. Because the last two months are the most important. In the end it is 750, or 800, or 850, probably in November-December.

F: How many mobile phones did Xiaomi sell this year?

Ray: This year, about 65 million people are up and down.

F: The book Ray has seen recently?

Lei: The most popular book I recommend this year is called "Three-body". It is a Chinese science fiction novel, but this novel tells a lot of reasons for running a business. This book is one of China's best known as science fiction novels. Well written, four or five years ago. I didn't feel so deep about four or five years ago. This year I reread it again, three books.

F: I saw an article about Ray always donating money to the old school.

Lei: Yes, Wuhan University, 50 million.

F: Are you there too?

Ray: Director.

F: Can you tell us about the current relationship with it?

Lei: I am an alumnus and want to support my alma mater. This is also nothing. We have not done enough. The amount of investment in Morningside, three billion dollars, wow, this is not enough. This is mainly because I am starting my own business, that is, we are not yet in the stage of large-scale return to society. For people like me, we should concentrate resources and do things well to help society. Like Gerald (Chan) they are already, equal to semi-retirement, doing charity. Doing charity and charity is a stage. But as a company, I think focusing on doing business well is the greatest return to society. I personally should still be at the stage of starting a business. Xiaomi only had four years. It was just a start-up. Our business is still unstable and we work very hard every day.

So my request for myself now is Focus. Focus, again Focus. I think this is the most important thing. Everything that has nothing to do with this is not concerned, do not care. For me all honors, nothing can be. Because, the most important thing for me is to do a good job. Return to society. If there is time, we can help more people and help our entire society through investment. Because at my age, I have considerable wealth and the ability to manage these wealths. I use this money to create more good companies. Then, communicate with them at ordinary times, cultivate a better value, and let them help the society. This is what I am doing. So the first one is to do a good job of Xiaomi. Second, through my influence, let more people serve the society. I feel that I must return to society. Through donations, we have only just begun. So, I also think I'm not doing enough...

My goal is not to make millet. My goal is to make Xiaomi China's national brand. Affects China's industry as a whole. Let everyone in the world benefit. Make things cheaper. This is the biggest motivation for me to be the global market. Before I set up Xiaomi, I should have been a billionaire. So all the purposes of doing this matter have nothing to do with money.重要的是怎么让世界接受我，让大家知道我们的雄心壮志。所以呢有一句很重要的话叫我们的征途是星辰大海。这是一部动漫片里的口号。

这是个很出名的日本动漫《银河英雄传说》里的。所以我们考虑得不仅仅是这么一点点事情。我们的这个蓝图才刚刚开始。所以你问我为什么做印度市场。我看的不是印度市场，我看的是Global，Stepbystep。

F：其实跟贵公司有关的有权威的资料不多。

雷：因为我拒绝写任何传记，我也拒绝写任何书。我们几乎没有接受采访。因为我认为，我今天讲人家不信。我四年前讲，四年前讲刚才的话，是没有人信的。四年前我只说错了一句话，我们zero的时候，我跟他说，Ihaveadream--$10billion.可是我是错的，是$100billion。第一个跟我说我能做到$100billion的是那个YuriMilner，DSTfounder，他说这是一个$100billion公司。我说我唯一错的是把数量搞错了。

F：那是什么时候？

雷：两年前的4月，2年半前，他说他一定要投资，我问为什么，因为我也做投资，我说贵的离谱啊，不值得，他问我什么价钱，我说我计划，就是2年半前啊，我计划12年年底，他是12年年初啊，坐价随便2or4billion，他说ok，现在4billion，我现在就投给你4billion，我说为什么，太贵了，不值啊，他说这公司$100billion。

F：Wow.

雷：他第一个告诉我这公司$100billion，因为我原来没看过$100billion，不知道什么叫$100billion，我至少知道这公司值百亿美金。因为他投了Facebook。就是你不到$100billion这个阶段，看不到这个东西值$100billion。我原来做的几个都是几个billion的公司，所以我知道这个公司肯定是billion公司，但是我没做过还是变得是我不能吹牛是吧，他跟我说$100billion，你想这个事情只过了2年半，现在大家看小米应该是下一个$100billion吧。

F：能不能问你一个问题，就是媒体最近关于小米估值的报道?

雷：有很多谣传，我confirm不了，但是我要告诉你，全球所有top10的投资机构，都来过这儿了。我在恭喜阿里IPO的那一天，阿里有一半的高管跟我回的短信，都是说你们是下一家，我想市场应该是非常看好小米的。

F：对.

雷：这是肯定的，还有你看到我们发的10亿美金的债的利息，是不是比两年前阿里发的要便宜？便宜50个基准点，就是我们今天的融资价钱，肯定比两年前的阿里高，我们今天拿到的债券的价钱，也比阿里好，这是不是代表市场观点。

F：上市的时间？

雷：我跟你讲，我为什么对IPO没意见没兴趣，是因为我已经是4家IPO公司的董事长或者是控制人。我对上市公司的问题一清二楚，我们这个Model上市以后，quarterbyquarter的财报他会影响小米，noKPI的文化，因为有KPI所以review，一review就发现错了，我的目标是把产品做好，把用户伺候好，结果大家全都是在quarterlyreport。

前两天参加我们金山软件的投资者股东大会，我跟他们讲的概念就是allin，我要把金山这个3、4billion的公司当成start-up，从zero开始，allin。我说我们要投10亿美金以上。他们问我们有多少钱，我们加起来有12亿美金，我说不需要工资，我只是告诉你一下，未来的财报可能，赚的钱可能都投进去了，你要看财报，比较难看。但是我们公司真的是个好公司。

我说哪几个上市公司敢像我这样，一个上市公司allin，12亿美金掏10亿美金来干，需要勇气。各个上市公司账上一堆的钱，只能赚银行利息，有几个有勇气把账上钱全用了、投资业务的？我敢，因为我根本不在乎金山软件短期的样子，我说我也不卖股票，我是大股东，我今天就是想做一个greatcompany。

所以上市公司问题很多，你说我年初就跟分析师开始沟通，就是我们的管理团队，我们这边博士，就allin，他却不信。我们去年35%的净利，我们今年要改到15%的净利，我一改，你知道股票跌了多少吗？跌了快一半，我原来五点几个billion，现在变成3个billion，我最高33块港币，现在18块，跌了接近一半。

其实我跟他们讲过，从第一天就讲，大家不信，所以说，当我真的开始allin，开始投入的时候，大家，股东就开始卖股票，所有人，我们团队都持有股票，大家心里就慌了，不是我一个人抗啊，大家还有option，我们内部也有压力，要沟通，我跟博士也有option，我跟他沟通，我们到底allin不allin。

Allin有可能意味着你的股票短期间内看起来不怎么值钱，要相信我，相信这个策略，这个公司值不值钱不是市场决定，是他内在价值决定的。如果我今天IPO，今天市场好，大家都巨富，马上开始卖股票，买房子买车子移民，这公司怎么管，要不就退休，要不就出去start-up，这公司还得有人干吧。

F：阿里会面对这个吗？

雷：当然，每家上市公司未来2年都是一样。第二个问题，股市不好了，股票腰斩了，大家开始每天看股价每天骂。那现在ok，我们就是不上市，5年之内，把公司做到greatcompany，我们才干了四年多，要不向阿里学习，十四年后上市，还可以再干十年，我们可以鼓励投资者买我们员工股票，我们具备一定的流通性就行了，这不是问题。我对那个看起来的IPO的盛宴，没有那么追求，因为我追求的不是IPO，我这么讲，你就知道我不是忽悠你了。我真的没有IPO的想法，我对IPO零追求。一个人做过四次IPO，你觉得他第五次还很enjoy吗？他不会真的在乎的。