Publicly questioning Xiaomi sparks discussion, private equity tycoon responds late at night.

On April 2, Xiaomi Group's stock price hit a new low since 2025, closing at less than HK$31 per share, a 50% drop from the high of last year. Wang Wen, founder and chairman of the billion-dollar private equity firm Dayu Investment, publicly expressed doubts about Xiaomi on April 1st and 2nd on Weibo. He pointed out that Xiaomi has entered multiple industries, but rarely ranks in the top three in any field. He questioned Xiaomi's lack of clear long-term planning, as they venture into hot areas like AI and robotics without strengthening their existing business first. Wang emphasized the importance of building core competencies for the sustained growth of a company. In the early morning of April 4th, Wang responded urgently through his personal Weibo account, adding, "I often talk nonsense, don't take it seriously. Xiaomi is a very excellent company! However, if you spread yourself too thin and focus on too many areas, it's not my cup of tea!"