Xiaomi awards shares worth US$24 million to staff as it celebrates status as Fortune Global 500 company
- Just over 20,000 people were granted the stock award on July 19, which included full-time staff and outsourcing service teams
Chinese phone maker Xiaomi Corp has given each of its employees 1,000 free shares in the company, worth a total of HK$187.5 million (US$24 million), to celebrate the company being included in the latest Fortune 500 global company list for the first time.
Just over 20,000 people were granted the stock award on July 19, when shares in the Hong Kong-listed company closed at HK$9.11, Xiaomi said in a statement to the city’s stock exchange late on Monday.
The July 19 closing share price reflects a 46 per cent fall from Xiaomi’s IPO price of HK$17 per share a year ago.
The vesting period of the shares is one year, which means staff leaving the company before July 19, 2020 will not be able to cash in on the award.
Xiaomi was included in the “2019 Fortune Global 500” companies announced by Fortune magazine on Tuesday, the first time that the nine-year old firm has made it into the prestigious list.