vested
Xiaomi tumbles as CEO awarded $758m stakeby Stella Zhai
Shares of Xiaomi (1810) fell 5.11 percent to HK$9.09 yesterday after data showed chairman and chief executive Lei Jun was given a stake in the mainland smartphone maker worth HK$758 million by early-stage investor Shunwei Capital.
Shareholding disclosures in the Hong Kong stock exchange revealed that Lei had raised his number of shares in the company by 79.1 million to 2.37 billion, or from 13.21 percent to 13.67 percent of total stakes, at an average price per share of HK$0 on May 27.
The shares were given to Lei Jun, chairman and a limited partner of Shunwei Capital, in the form of "surrender of rights to shares or debentures" as a share offering to Shunwei's limited partners.
Early in January, Lei also received 17.4 million shares from another shareholder, Morningside Venture Capital, without any expenditure.
The first firm to list with a weighted-voting right structure in Hong Kong, Xiaomi has tumbled 46.53 percent from its initial public offering price last July.
The company said in January, ahead of the end of IPO lock-up, that controlling shareholders including Lei Jun, Smart Mobile and Smart Player, would not to sell their shares for 365 days, except that they could donate up to 639.6 million class-B shares, which were awarded to the controlling shareholders on April 2, 2018, for charitable purposes. The shares were awarded to Lei Jun to recognize his contributions to the company.
Xiaomi's net profit rose 22.4 percent year-on-year to 2.1 billion yuan (HK$2.38 billion) for the first quarter, while revenue grew 27.2 percent to 43.8 billion yuan from a year ago.
Revenue generated by Internet of Things (IoT) and lifestyle products surged 56.5 percent to 12 billion yuan, and sales of smartphones increased 16.2 percent to 27 billion yuan.
Source: The Standard
http://www.thestandard.com.hk/section-n ... 0604&sid=2
It's all about "how much you made when you were right" & "how little you lost when you were wrong"