In February, Xiaomi founder and chief executive Lei Jun threw down the gauntlet to Apple and Samsung, vowing to make his company China’s top-selling premium brand in three years. “[It’s] a war of life and death”, Lei said in a post on Chinese social media site Weibo.

Xiaomi, the world’s second-largest smartphone vendor, is a master of reinvention, making everything from rice cookers to e-scooters. If all goes to plan, the company will roll out its electric vehicle in 2024, ahead of arch-rival Apple.

But as Beijing’s tech crackdown takes hold, Lei is facing the potential for greater regulation at a time companies around the world are suffering from a global chip shortage. As China works to bring Big Tech to heel, Xiaomi’s Hong Kong-listed shares have fallen more than 50 per cent from a year ago to about HK$12 (US$1.50). Its growth momentum also hinges on whether it can fend off its domestic and international rivals, said analysts.