Core Viewpoint - The capital operations of Xiaomi's founders, Lei Jun and Lin Bin, have diverged significantly, with Lei Jun recently increasing his stake by HKD 100 million to support the stock price, while Lin Bin announced a plan to sell off USD 2 billion worth of shares over four years, raising concerns about internal discord and future risks for the company [2][3][6]. Group 1: Capital Operations - Lei Jun's recent purchase of HKD 100 million in Xiaomi shares aimed to bolster the stock price amid a downturn [2][6]. - Lin Bin's plan involves selling up to USD 500 million annually for four years, totaling USD 2 billion (approximately RMB 14 billion), which is particularly striking given the timing [2][6][7]. - Lin Bin has a history of cashing out, having previously sold nearly HKD 4 billion in August 2019, USD 1 billion in September 2020, and HKD 179 million in June 2024 [2][6]. Group 2: Market Reaction and Challenges - The announcement of Lin Bin's sell-off comes as Xiaomi faces multiple challenges, including rising storage chip costs affecting smartphone margins and increased competition in the automotive sector [3][7]. - Lin Bin currently holds about 8.56% of Xiaomi's shares, and the planned reduction is less than 2%, which some supporters view as a normal asset allocation [3][7]. - The market's reaction has been negative, interpreting Lin Bin's actions as detrimental to investor confidence, especially given the company's recent stock buybacks and Lei Jun's increase in holdings [3][7]. Group 3: Internal Dynamics and Future Implications - Lin Bin's decision to reduce his stake raises questions about potential undisclosed risks within Xiaomi, particularly as the company approaches a critical phase in its automotive deliveries in 2026 [4][8]. - The contrasting actions of the two founders suggest a shift from a "dual-core" leadership model to a "single-core" model under Lei Jun, leading to speculation about the company's strategic direction [4][8]. - The timing of Lin Bin's announcement, coinciding with a period when investor confidence is crucial, highlights possible strategic disagreements within the founding team [8].