The founding father of Xiaomi has been given a “reward” price greater than £735m by the Chinese language smartphone-maker.
The cost was confirmed within the agency’s 2018 annual report.
The corporate had beforehand stated it meant to make the share-based bonus to Lei Jun in recognition of his eight years of “devotion” to the corporate.
Lei in flip has promised to donate the sum to “charitable functions” as soon as taxes have been deducted from the compensation bundle.
The 636.6 million shares concerned have been price 7.54bn Hong Kong dollars ($962.0m; £735.6m) based mostly on their closing worth on Tuesday after they rose 1% over the course of the day.
The quantity isn’t far behind the eight.6bn yuan ($1.3bn; £980m) determine declared as Xiaomi’s adjusted internet revenue for the yr.
The share switch is along with different funds the corporate made to Lei together with a wage and dividends, for which a precise sum was not given.
The cost follows the flotation of the corporate’s inventory in Hong Kong in July.
Beijing-based Xiaomi was the world’s fourth largest smartphone maker in 2018, in line with the market analysis agency IDC, after Samsung, Apple and Huawei.
The variety of handsets it shipped rose by 32.2% over the interval at a time when the broader market contracted by four.1%, stated IDC.
9-year-old Xiaomi started promoting its telephones within the UK in November alongside different merchandise together with electrical scooters and fitness-tracking wristbands.
In its dwelling market of China, its vary of products is much wider, with current launches together with a wi-fi vacuum cleaner, a sweeping robotic and sensible trainers with computerized laces.
However Xiaomi stays greatest identified for its telephones. And over the previous month the corporate has skilled issues with the launch of its newest flagship fashions – the Mi 9 sequence – which it didn’t manufacture quick sufficient to fulfill demand.
At one level Lei – who’s Xiaomi’s president – was reported to have declared he would “go to the manufacturing facility and drive the screws in myself”, if issues didn’t enhance.