Xiaomi founder Lei Jun has announced that he will be vacating his current post as chairman of the board of video-based social networking platform YY Inc. to focus more on the company that he founded.

Replacing Lei as YY's chairman is YY chief executive Li Xueling, while executive Chen Zhou will replace Li in his role as the company's chief executive officer.

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As the global smartphone market continues to decline, so is Xiaomi's market share. Xiaomi's market share is slowly deteriorating in the face of new competitors such as Oppo and Vivo. Despite Li's departure from YY, he will still be an investor and primary advisor to the company.

According to China Tech News, aside from leaving his post in YY, Lei is also entrusting the voting rights of his YY shares to chief executive Li Xueling, this will allow the latter to start coming up with new strategies to improve the platform's services.

YY is a video-based social networking platform which is widely described as China's version of YouTube and Twitch. The platform currently has more than 300 million active users, and that figure continues to grow. Unlike YouTube or Twitch, YY features a virtual currency which users can earn through various activities like tutorial videos. This virtual currency can then be exchanged for real cash.

YY was launch in 2005 and was originally targeting the gaming community. However, over the years, the platform has grown into a diverse service and has since evolved to cater to different subjects including sports and fashion.

TagsYY, Lei Jun, Xiaomi, Xiaomi News, Xiaomi founder, YY news, YY chairman