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Smartphone chief receives £735m bonus

April 12, 2019 7:54 am
Lei Jun has said he will give the giant bonus to charity [Source: BBC]

The founder of Xiaomi has been given a “reward” worth more than £735m by the Chinese smartphone-maker.

The payment was confirmed in the firm’s 2018 annual report.

The company had previously said it intended to make the share-based bonus to Lei Jun in recognition of his eight years of “devotion” to the company.

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Lei, in turn, has promised to donate the sum to “charitable purposes” once taxes have been deducted from the compensation package.

The 636.6 million shares involved were worth 7.54bn Hong Kong dollars ($962.0m; £735.6m) based on their closing price on Tuesday after they rose 1% over the course of the day.

The amount is not far behind the 8.6bn yuan ($1.3bn; £980m) figure declared as Xiaomi’s adjusted net profit for the year.

The share transfer is in addition to other payments the company made to Lei including a salary and dividends, for which an exact sum was not given.

The payment follows the flotation of the company’s stock in Hong Kong in July.

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