The CEO and founder of the Chinese smartphone maker Xiaomi is reportedly going to receive a big bonus for the year it went public. And the founder is graciously going to donate it to charity.
Xiaomi released the details of this decision in a regulatory filing on Wednesday. The report said that the founder CEO Lei Jun is going to receive 636.6 million shares to his name as a bonus for the “contributions to the company.” The company’s stock is traded in Hong Kong.
When the share value is converted into dollars it nears bout $961 million. The regulatory filing says that Lei has given his promise to donate all the shares to charity after deducting the taxes. However, the filings don’t have any information as to where the money will go as charity. And there’s been no comment from any officials from the company so far.
Xiaomi, the smartphone maker that took on Samsung went public last year in July. Despite its strong performance in Asian countries, the smartphone market is facing a downturn in countries such as China and South Korea. Xiaomi too is affected by it. Because of it, the company share value has taken a hit.