Xiaomi’s founder loses a billion-yuan bet

Xiaomi’s founder loses a billion-yuan bet

小米创始人输掉10亿赌约

① In 2013 business folk gathered in Beijing to honour Chinese “Economic Figures of the Year” were treated to an unexpected twist. One of the winners, Lei Jun, ventured that in five years the sales of Xiaomi, the smartphone-maker he founded, would surpass those of Gree, a manufacturer of air-conditioners with government roots.

2013年，众多商界人士齐聚北京参加中国“经济年度人物”颁奖盛典。他们目睹了一个出乎意料的桥段：获奖者之一雷军豪言，由其创立的智能手机品牌小米的销售额，将于五年之内赶超有着政府背景的空调制造商格力。

② To make things interesting Dong Mingzhu, Gree’s chairwoman, bet him 1bn yuan that her company’s turnover would stay ahead. Mr Lei accepted. Since March 19th, when Xiaomi posted revenues of 175bn yuan in 2018, corporate China has awaited the figure from Gree. On April 28th the verdict was in: it made 200bn yuan. Mr Lei was out of the money.

为了让事情更有趣，格力公司女董事长董明珠与雷军豪赌10亿元，称自己公司的营业额将保持领先。雷军欣然应允。3月19日，小米公布2018年的营收为1750亿元；自此之后，全中国都对格力的数据翘首以盼。4月28日，这场赌约盖棺定论：格力营收2000亿元。雷军赌输了。

③ The bet looked bold for Mr Lei in 2013. Xiaomi was then making a quarter of Gree’s annual sales. The “Apple of the East”, as it was dubbed, represented a new sort of Chinese company: market-driven and spunky, not state-led and stodgy; online instead of bricks and mortar; relying on digital technology rather than mechanical engineering. By mid-2018 Xiaomi’s revenue neared 90% of Gree’s. Ms Dong suggested that the wager was meaningless given how different Gree and Xiaomi were.

对2013年的雷军而言，这场豪赌看起来十分大胆。当年小米的全年销售额仅是格力的四分之一。被称作“东方苹果”的小米，代表着一类全新的中国公司：以市场为驱动且干劲十足，不由国家主导，也不墨守成规；以互联网为载体，而非实体店；依赖于数字技术，而非机械工程。到2018年年中，小米的营收已接近格力的90%。董明珠曾表示，考虑到格力与小米之间的巨大区别，这场赌约是没有意义的。

④ In reality, the companies are not that dissimilar. They face similar challenges. Xiaomi and Gree have both taken a punt on changing their original business models. Gree is selling more online. Xiaomi is opening more physical stores. Ms Dong now makes smartphones, and Mr Lei has a line of air-conditioners. Whether or not he makes good on it, the bet highlights the changing face of China Inc.

实际上，这两家公司的差别并没有那么大，双方都面临着类似的挑战。小米和格力都曾尝试改变最初的商业模式。格力增加了线上销售，小米则要开设更多实体店。董明珠现在也做起智能手机了，而雷军也有了空调产品线。无论雷军是否会兑现承诺，这场赌约都凸显了中国这家企业不断改变的面貌。