(Yicai Global) July 16 -- Lei Jun, founder and chief executive officer of consumer electronics giant Xiaomi, has been named China’s best CEO by US business magazine Forbes.

Hu Yangzhong of closed-circuit television equipment maker Hangzhou Hikvision Digital Technology and Wang Chuanfu of new energy vehicle maker BYD came in second and third places in the latest ranking released yesterday.

Only Midea Group’s Paul Fang made the top 10 again this year, with the bosses of internet giants Alibaba Group Holdings, Tencent Holding and Meituan exiting. Poor capital market performance and personnel changes were the main reasons behind this. The CEOs of Ant Group, Pinduoduo and ByteDance all quit their positions.

Only five of the 50 people on the list are women. The average age is 54 and the top seven are billionaires.

Under Lei's leadership, Xiaomi became the world’s second-biggest smartphone maker in the second quarter of this year, pushing aside Apple, after its shipments surged 83 percent, market research firm Canalys said in a report published today. Xiaomi’s shares [HKG:1810] gained 4.8 percent to HKD28.25 (USD3.64) in Hong Kong, after earlier jumping as much as 6.3 percent.

The Beijing-based company’s first-quarter net profit surged 164 percent from a year earlier to set a quarterly record high of CNY6.1 billion (USD943.5 million). Revenue jumped 55 percent to CNY76.9 billion (USD11.9 billion), another quarterly record. Both Xiaomi's smartphones and Internet of Things businesses grew more than expected.

Forbes China evaluated the CEOs according to their company’s stock price performance, market value, revenue, net profit, profit growth, return on assets and on equity, and other basic financial indicators for the years 2018 to 2020.

Editor: Futura Costaglione