The founder and CEO of Chinese smartphone maker Xiaomi is receiving a huge bonus for a year in which the company went public. And he's donating all of it to charity.
Xiaomi said in a regulatory filing Wednesday that Lei Jun is receiving more than 636.6 million shares as a bonus for "his contributions to the company." The stock is traded in Hong Kong.Based on the stock's current price, that works out to about 7.54 billion Hong Kong dollars, or about $961 million. Xiaomi said in the filing that Lei promised to donate all the shares — after deducting taxes — to charitable purposes.
Xiaomi did not say in the filing where exactly that money would go. The company was not immediately available for comment.
Xiaomi went public in Hong Kong last July. Since then, the stock has fallen amid concerns about a slowdown in demand in China for smartphones. Xiaomi also faces increased competition from Samsung, Apple and Chinese rivals Huawei, Oppo and Vivo.
Still, Lei can probably afford to donate his bonus. Even after accounting for the slide in Xiaomi's shares, he is still worth about $11 billion, according to real-time wealth trackers from Forbes and Bloomberg.