Chinese smartphone and consumer electronics giant Xiaomi announced on Wednesday that the company’s board awarded a total of 174,901,942 shares to 4,931 selected participants under a share award scheme.
The participants include the second batch of recipients under the new 10-year entrepreneur program, of which 4,929 selected participants are unconnected grantees and two selected participants are connected grantees.
The company believes that a strong, outstanding team of talented workers is the solid foundation for future long-term growth. The company will continue to recruit and motivate talent to continuously strengthen the company’s overall capabilities in research, development and operations to ensure the continued and effective execution of its core “Smartphone×AIoT” strategy.
The closing price of the shares on the date of grant of the awards was HK$14.78 ($1.89). The issue award shares to be issued and allotted by the company to the selected participants and the trustees represent approximately 0.69% of the total issued shares of the company as of the time of announcement, and approximately 0.69% of the total issued shares of the company as enlarged by such issuing and allotment.
Up to the date of this announcement, the company has granted a total of 677,834,524 shares under this award scheme.
Xiaomi just unveiled its financial report on Tuesday, showing that its research and development expenses increased by 42.3% from 9.3 billion yuan ($1.46 billion) in 2020 to 13.2 billion yuan for 2021. Xiaomi plans to invest more than 100 billion yuan in research and development over the next five years.