Xiaomi co-founder Hong Feng stepped down as chairman

Xiaomi recently announced in an internal email that it has appointed Group Vice President and CFO Lin Shiwei as Chairman of Tianxing Digital Technology, reporting to Group CEO Lei Jun. It is worth noting that Hong Feng, the co-founder and senior vice president of Xiaomi, was previously the chairman of Tianxing Digital. This appointment also means that Hong Feng is no longer in charge of the Xiaomi financial business he created.

Hong Feng is one of the eight co-founders of Xiaomi. Before joining Xiaomi, he served as a senior software engineer at Google and a senior product manager at Google China. He was responsible for Google Calendar, Google Maps 3D Street View project, and Google Chinese music services.

When Xiaomi was founded in 2010, Lei Jun urgently needed to recruit all kinds of talents. Xiaomi co-founders Lin Bin and Hong Feng used to be colleagues of Google. Under Lin Bin's recommendation, Lei Jun successfully brought Hong Feng to join the team.

Due to their product development experience during his time at Google, Hong Feng was mainly responsible for the MIUI business in the early days. He was called Hong Gangzhu internally, and MIUI also became one of Xiaomi's troikas.

Relying on the success of MIUI, Xiaomi is also unique among many domestic mobile phone manufacturers and has become one of the core competitiveness of Xiaomi mobile phones.

In 2015, Hong Feng started to build Xiaomi's financial business. Due to the backing of MIUI users, Xiaomi Finance has developed rapidly in a short period of time.

Over the past few years, Xiaomi has successively won a number of financial licenses such as Internet small loans, third-party payments, private banks, consumer finance, virtual banks, insurance brokerages, financing guarantees, and commercial factoring.

In 2018, Xiaomi disclosed in its prospectus that it integrated its financial business to form the Xiaomi Financial Group; in 2019, Xiaomi Finance was renamed Xiaomi Digital; in 2020, Xiaomi Digital has renamed Tianxing Digital again, and Hong Feng served as Tianxing Digital. Chairman and CEO.

However, while developing rapidly, Xiaomi Finance has also stepped into a lot of pits. In 2018, many P2P platforms ran away, and many P2P platforms promoted by Xiaomi's financial products also experienced thunderstorms, and Xiaomi Finance became the object of rights protection.

In addition, relevant regulatory policies in the financial sector are becoming more and more stringent, such as the new regulations on online small loans introduced in 2020. Xiaomi has also started to adjust its structure and business in its financial business.

In 2021, Xiaomi appointed Group Vice President and CFO Lin Shiwei as CEO of Tianxing Digital, and the relevant work will be reported to Hong Feng, Chairman of Tianxing Digital.

In February of this year, it was rumored that Tianxing Digital was reducing its business and laying off staff. Tianxing Digital responded that there is no reduction, and the relevant business lines have adjusted their organizational structure in the fourth quarter of 2021 based on the principle of focusing on the main business and serving entities and integrating the relevant business lines to form the Digital Industry Finance Department. And Digital Retail Finance Department, Digital Retail Finance Department consists of Credit Technology Business Department, Integrated Business Department, Payment Business Department, and International Business Department.

In fact, Tianxing Digital's personal consumer credit business is being undertaken by Xiaomi Consumer Finance, which was established in 2020.

Recently, Xiaomi re-appointed Lin Shiwei as the chairman of Tianxing Digital Technology and reported to Lei Jun, the CEO of the group; Yue Kai, general manager of the digital industry finance department, was appointed as the president of Tianxing Digital Technology and reported to Lin Shiwei, chairman of Tianxing Digital Technology.

This means that Hong Feng has stepped down as chairman of Tianxing Digital. At present, Hong Feng is the co-founder and senior vice president of Xiaomi, but he has no actual business responsibility.

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