Why does Lei Jun like giving speeches so much? What does being so high-profile really mean?

Because his money comes from legitimate sources and can withstand scrutiny.

In the mainland phone market with 6 major players, why are only Apple and Xiaomi listed companies?

Why do Duan Yongping's Oppo and Vivo never have negative news? Why does Duan Yongping's protégé PDD get cursed by the entire internet, yet remains unscathed?

Why do Putian system hospitals persist despite repeated crackdowns?

Why can Ren Zhengfei's eldest daughter serve as rotating chairman, while his second daughter can only be an actress?

The logic is universal. Private companies, unlike listed companies, don't have strict disclosure obligations and audits, which means the room for maneuvering inside is unlimited.

In China, some people have enormous influence, but their wealth cannot withstand scrutiny.

They're poor at growing their own businesses, but excellent at sabotaging others' businesses.

Finding an influential person to share profits with is more like paying protection money.

These influential people all have status and reputation, so they can only hide through shareholdings in private enterprises.

Lei Jun is one of the few entrepreneurs in all of China who can both build enterprises successfully and maintain a spotless reputation.

He graduated from university and worked diligently at Kingsoft for over a decade, taking the company public. After nearly collapsing several times, he managed to keep Kingsoft alive through guerrilla-style tactics.

After going public, he received a substantial sum and established Shunwei Capital, supporting startups and doing venture capital.

Later, he led the establishment of Xiaomi. Xiaomi's shareholding structure is very "clean"—consisting of top executives and technical personnel from various listed companies.

This is also why Xiaomi always gets bullied in public discourse, because there's no "visible big hand" behind it to help.