Top executives are now billionaires


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Can Chinese smartphone giant Xiaomi survive a trade war?

Xiaomi’s inventory market debut has made a number of males very, very wealthy.

The Chinese language tech firm’s shares began buying and selling in Hong Kong on Monday. They closed about 1% down from the difficulty worth, however that did not cease a few of Xiaomi’s prime executives from racking up massive good points of their wealth.

Xiaomi is likely one of the world’s largest smartphone makers and the preliminary public providing valued it at about $54 billion.

CEO Lei Jun, who based Xiaomi in 2010, is reaping the largest reward. His stake of roughly 29% was value about $14 billion at Monday’s closing worth, based on a CNNMoney evaluation of firm information.

Lei, 48, was already a billionaire earlier than the IPO due to his enormous stake in Xiaomi and different investments. He was lately awarded Xiaomi inventory value about $1.5 billion for his contributions to the corporate.

xiaomi lei jun hkex
Xiaomi CEO Lei Jun on the Hong Kong inventory change on Monday.

The serial tech entrepreneur additionally owns a part of Kingsoft, a Chinese language software program firm he began and led to an IPO in 2007. He additionally arrange an internet purchasing firm that he offered to Amazon (AMZN) for $75 million in 2004.

Associated: Xiaomi shares fall in Hong Kong debut

Three different Xiaomi co-founders have additionally loved an enormous soar of their wealth from the IPO.

President Lin Bin’s 12.5% stake is now value about $6 billion. Like many younger tech graduates on the time, Lin began his tech profession within the early 1990s as an engineer at Microsoft (MSFT). Earlier than beginning Xiaomi, he labored for Google (GOOGL) in China, serving to the corporate construct and handle its China cellular search and Android app groups.

Associated: Chinese language smartphone maker Xiaomi goes after Europe

Li Wangqiang, a former colleague of Lei’s at Kingsoft, has a 2.9% stake in Xiaomi that’s now value just below $1.5 billion. Li is one in every of a number of vice presidents at Xiaomi, the place he heads up the e-commerce workforce, an space the corporate is relying on for giant progress within the coming years.

Wong Kong Kat, recognized to pals and colleagues as KK, additionally has a stake value almost $1.5 billion. Wong is one other Microsoft alumnus, the place he labored on multimedia and instantaneous messaging for the Home windows smartphone. At Xiaomi, Wong leads the corporate’s WiFi and cloud storage groups.

CNNMoney (Hong Kong ) First revealed July 9, 2018: 6:49 AM ET

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