Xiaomi chairman vows not to reduce stake

Business | 9 Jan 2019 4:04 pm

Large shareholders of Xiaomi Corp (1810), including its chairman Lei Jun, promised they would not reduce their stakes in the company in the upcoming 365 days.

The Chinese phone maker said for the purpose of expressing their confidence in the long term value of Xiaomi, each of its controlling shareholders will not dispose of any shares of the company for the next 365 days commencing from today.

However, controlling shareholders could donate up to 639.6 million Class B shares, which were awarded to the controlling shareholders on April 2, 2018, to charitable organizations for the charitable purpose.

In addition, Chew Shouzi, senior vice president and chief financial officer, undertook on a voluntary basis that he shall not in his discretion dispose of any shares of the company whether currently held or to be held by him within 12 months from today for the next 365 days.

As of 3:50am Hong Kong time, shares of Xiaomi tanked 5.05 percent, or 56 HK cents, to HK$10.54.

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