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Behind Xunlei's change of CEO: Xiaomi Department exits from the board of directors and Li Jinbo school dominates

via:博客园     time:2020/4/4 17:45:32     readed:1170


Report of Lei Jianping on April 4

Recently, Xunlei has made another round of major adjustments. Chen Lei, CEO of Xunlei group and its subsidiaries, Xunlei, onething and other related companies, no longer holds the post of CEO of the company, and Wang Chuan, Chief Strategic Officer of Xiaomi group, also resigns as chairman of Xunlei.

Instead, mr. schindler elected mr. li as the new chairman and will succeed mr. chen as the new chief executive of mr. schindler group and its subsidiaries, mr. schindler, and other affiliated companies.

Millet withdrew from the Board

Li Jinbo once was the technical partner and CTO of Xunlei, the founder of Xunlei engineering technology system, and presided over the research and development of Xunlei 4 and Xunlei 5, the star products of Xunlei's early products.

Li Jinbo left Xun Lei to start a business in 2010, creating chat software MSN lite、 parent-child photo album water drop baby and other products, among which, MSN lite was acquired by Xiaomi in 2012, incorporated into the Mi chat business.

Li Jinbo's other project is the right most funny community in the post-95 era. He has received 80 million US dollars of investment led by Xiaomi. Earlier, he has received tens of millions of US dollars of investment from sig Haina Asia, GGV Jiyuan capital and other institutions.

Li Jinbo once defined the right as a community product in which users express their entertainment and life attitudes,

In terms of specific product positioning, the rightmost focus is on the post-95 funny segment sub community, mainly with UGC contributions. The rightmost product form has the characteristics of both content segment and Baidu Post Bar, and the top God comment and topic circle are the two characteristics of the rightmost.

On the right, you can see

From the past experience, Li Jinbo's team is good at community operation.

This time, Xunlei changed its CEO, not just a professional manager, but a series of adjustments. Among them, the board of directors of Xunlei appointed Li Jinbo, Duan Hui, Shi Peng and Luo Weimin, and Wang Chuan, Hong Feng, Zou Tao and Liu Qin resigned as directors.

Among them, Wang Chuan and Hong Feng are the co founders of Xiaomi, Zou Tao is the CEO of Jinshan software, and Liu Qin is the partner of Chenxing capital, which are relatively close forces of Lei Jun department.

Li Jinbo school dominates

Most of the new board members have worked in Xunlei. For example, Luo Weimin served as the COO of Xunlei from 2006 to 2011. Luo Weimin also served as a partner of Chenxing capital.

Duan Hui, who serves as itui CTO, held several management positions in Xunlei from April 2008 to April 2015. Another new member of the board of directors, Shi Peng, currently holds the position of product president in itui. Itui should be the rightmost capital control entity in the post-95 funny community.

Behind the management adjustment of Xunlei, itui and its related entities have also reached an agreement with Xiaomi, Jinshan software and Chenxing capital, that is, each shareholder agrees to change its own shares of Xunlei into shares of itui.

At present, Xiaomi and Jinshan are the largest shareholders of Xunlei. If we add Chenxing capital, it means that after the completion of the transaction, itui becomes the largest shareholder of Xunlei, and Xiaomi, Jinshan and Chenxing capital become indirect shareholders of Xunlei.

This also means that Xiaomi CEO Lei Jun has completely handed over Xunlei to Li Jinbo.


Chen Lei joined Xunlei in 2014, successively served as CTO and co CEO, and took over Zou Shenglong as CEO in 2017. After this adjustment, Chen Lei remains on the board of directors, but he has no real power.

When Chen Lei was in charge of Xunlei, he actually had a big conflict with the elder team of Xunlei, so that the internal strife broke out in Xunlei. After the shareholders intervened, Wang Chuan replaced Zou Shenglong, the founder of Xunlei, as the chairman of the board, and then it subsided. At present, Zou Shenglong holds about 6.8% of Xunlei.

Long term market value lower than cash and equivalents

According to the financial report, Xunlei's revenue in the fourth quarter of 2019 was US $48.3 million, up 10.2% month on month. Xunlei had a net loss of $18.1 million in the fourth quarter of 2019, compared with a net loss of $24.6 million in the previous quarter.


Xunlei's revenue in 2019 was US $181.3 million, down 21.9% year on year. The net loss was $53.4 million, compared with a net loss of $40.8 million in 2018.

As of December 31, 2019, Xunlei held total cash, cash equivalents and short-term investment of US $265.3 million.

Many years ago, when downloading was hot, Xunlei was also popular for a while, but for a long time, Xunlei was not hot. At present, the market value of Xunlei is 200 million US dollars, so the long-term market value is lower than cash and equivalents.

In the past two years, the main business of Xunlei has changed a lot. Xunlei has been sold for a long time. Cloud computing and blockchain business have become a new direction. It's just a flash in the pan. Xunlei still faces a lot of difficulties.

A personage in the industry pointed out that after Xiaomi and Jinshan invested in Xunlei, Xunlei's coordination effect was actually lower than expected. At this time, Xunlei's change of general was also regarded as a dead horse.

As Thunder's internal mail says:

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