Xiaomi Corporation founder and chairman Lei Jun has increased his stake in the company by acquiring 2.6 million Class B ordinary shares, the smartphone maker said in a voluntary announcement on Monday.

The shares were purchased on the open market through Team Guide Limited, an entity wholly owned by Lei, at an average price of approximately HK$38.58 per share. Following the transaction, Lei now holds roughly 4.06 billion Class A shares and nearly 2 billion Class B shares, representing about 23.26% of Xiaomi’s total issued share capital.

The company’s board said the purchase reflects Lei’s “strong confidence” in Xiaomi’s long-term growth prospects and commitment to the business.

Xiaomi shares closed higher 1.5% at HK$38.66 on Monday in Hong Kong.