Xiaomi’s founder Lei Jun receives £735m bonus

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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 antecedently aforesaid it meant to create the share-based bonus to Lei Jun in recognition of his eight years of “devotion” to the corporate.Lei successively has secure to gift the add to “charitable purposes” once taxes are subtracted from the compensation package.

The 636.6 million shares concerned were value seven.54bn metropolis bucks ($962.0m; £735.6m) supported their price on Tues once they rose I Chronicles over the course of the day.The amount isn’t way behind the eight.6bn yuan ($1.3bn; £980m) figure declared as Xiaomi’s adjusted net income for the year.

The share transfer is additionally to different payments the corporate created to Lei together with a remuneration and dividends, that a definite add wasn’t given.The payment follows the flotation of the company’s stock in metropolis in Gregorian calendar month.

Growing quick
Beijing-based Xiaomi was the world’s fourth biggest smartphone maker in 2018, in step with the research firm IDC, once Samsung, Apple and Huawei. The number of handsets it shipped rose by thirty two.2% over the amount at a time once the broader market contractile by four.1%, said IDC.

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Nine-year-old Xiaomi began selling its phones in the UK in November alongside other products including electric scooters and fitness-tracking wristbands.

In its home market of China, its range of goods is far wider, with recent launches including a wireless vacuum cleaner, a sweeping robot and smart running shoes with automatic laces.

But Xiaomi remains best known for its phones. And over the past month the company has experienced problems with the launch of its latest flagship models – the Mi 9 series – which it failed to manufacture fast enough to meet demand.

At one point Lei – who is Xiaomi’s president – was reported to have declared he would “go to the factory and drive the screws in myself”, if matters did not improve.

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