The chairman of smartphone maker Xiaomi has given company shares worth more than $2 billion to charity, in the latest huge donation by a Chinese mogul as Beijing deepens its crackdown on the country’s tech sector
The chairman of smartphone maker Xiaomi Corp. has given company shares worth more than $2 billion to charity, in the latest huge donation by a Chinese mogul as Beijing deepensXiaomi—which overtook Apple Inc. as the world’s second-biggest smartphone vendor in the second quarter, according to Canalys—is seen by analysts as less of a priority for Chinese regulators than China’s online giants, given its focus on hardware manufacturing.
But with the handout, billionaire Lei Jun, who is also the company’s founder and chief executive, is following gifts made by leaders at some of the country’s biggest internet companies. Mr. Lei has transferred about 616 million shares to two charitable foundations co-founded by him, stock-exchange filings late Friday showed. Based on that day’s closing stock price of 28.25 Hong Kong dollars, or the equivalent of about $3.64, the donation was valued at about $2.2 billion. After the transaction, he holds a 10.6% stake in Xiaomi, one of the filings showed.worth of shares to his charitable foundation. In the same month, ByteDance Ltd.
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