Xiaomi's founder loses a billion-yuan bet

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 in 2010, would surpass those of Gree, a manufacturer of air-conditioners with government roots. To make things interesting Dong Mingzhu, an entrepreneur and Gree's chairwoman with whom Mr Lei had shared an award, bet him 1bn yuan ($148m today) that her company's...