Samsung Chairman unexpectedly meets Xiaomi CEO

Samsung Chairman Lee Jae-yong (left) and Xiaomi CEO Lei Jun (right) Photo: Weibo .

According to Chinese media sources, Samsung Group Chairman Lee Jae-yong met with Xiaomi Group CEO Lei Jun in Beijing.

The meeting comes as Mr. Lee prepares to attend the annual China Development Forum (CDF). The two-day event opens on March 23, according to the forum’s organizers.

The guest list for the forum, announced on the evening of March 22, includes many senior leaders of the world's leading technology and industrial corporations, such as Mr. Lee Jae-yong, Mr. Kwak Noh-jung (CEO SK hynix), Mr. Tim Cook (CEO Apple), and the CEOs of BMW, Mercedes-Benz, Nestle and FedEx.

As Xiaomi expands into the electric vehicle sector, speculation about a possible partnership with Samsung has intensified. According to information from Groom Science and Technology (China), Samsung Chairman Lee Jae-yong and Qualcomm Chairman Christiano Amon visited Xiaomi's car factory in Beijing on March 22.

Samsung Chairman Lee Jae-yong (center) talks with Lenovo Chairman Yang Yuanqing (right) on March 23. Photo: Shin Kyung-Jin/Chosun.

Here, the two senior leaders were personally welcomed by the CEO and Vice President of Xiaomi. Analysts said that this visit could be the beginning of potential cooperation agreements, especially in the field of automotive memory semiconductors and displays, where Samsung has outstanding strengths.

Although Xiaomi and Samsung are direct competitors in the smartphone and home appliance markets, cooperation in the electric vehicle sector could benefit both sides.

Established in 2000, the China Development Forum is an important annual event hosted by China. It brings together the world's top business leaders to discuss economic issues and seek investment opportunities.

With the theme "Comprehensively developing growth drivers and promoting stable global economic growth", this year's CDF attracted the participation of more than 80 CEOs from multinational corporations operating in many fields such as information technology, mobile, pharmaceuticals and finance.

Notably, this is the first time since 2023 that Samsung Chairman Lee Jae-yong has returned to attend this forum, affirming the importance of the event for large businesses.

The Chinese smartphone market is witnessing fierce competition, with the strong rise of domestic brands such as Xiaomi, Huawei, Oppo and Vivo. Samsung's market share here has decreased significantly in recent years, almost reaching 0%.

This shows the difficulty of the Korean electronics company in maintaining and expanding its presence in the billion-people market. The meeting between the two leaders shows that Samsung is looking to strengthen its position in this important market.

Experts say that Lee Jae-yong’s visit could also open up opportunities for high-level contacts with the Chinese government. This is an important move in the context of Samsung’s efforts to consolidate its position in the billion-people market.

Mr. Lee has recently expressed his determination to strengthen emergency management, emphasizing the spirit of “survival” in the volatile global economic context. In a video address to about 2,000 vice-chairman-level executives of Samsung and its subsidiaries on March 17, Mr. Lee asserted: “It is time to act decisively.”