Xiaomi Celebrates Its Fortune 500 Debut by Awarding Employees $24 Million Shares

Each of the employees of the Chinese smartphone company, Xiaomi, awarded 1,000 free shares in the company for a total value of US $ 24 million to celebrate the company’s listing of the world’s “Top Fortune 500” for the first time.

“More than 20,000 people received the stock award on July 19, when the listed company in Hong Kong closed 9.11 Hong Kong dollars,” Xiaomi said in a statement on the Internet.

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According to the Chinese News Network, the stock is valid for one year, meaning that employees leaving the company before July 19, 2020, will not be able to benefit from the award.

Xiaomi was listed on the Fortune 500 list of top 500 companies in the world, the first time the nine-year-old company has entered the prestigious list.

Beijing-based Xiaomi ranked 468 on the list and ranked seventh in the Internet and retail category, after posting revenue of US $ 26.4 billion and a net profit of US $ 2 billion in the previous fiscal year.

Several other major Chinese technology companies have also been listed, such as Huawei, Alibaba, and Tencent.

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“As the smallest of all existing companies, except those established through mergers, we have achieved an unprecedented achievement,” said Leo John, founder, and CEO of Xiaomi, in an open letter to employees.