Xiaomi to give 1000 Shares to Workers after Making it to Fortune 500 List

Xiaomi to give 1000 Shares to Workers after Making it to Fortune 500 List

Chinese smartphone manufacturer Xiaomi to gift 1,000 free company shares to 20,538 of its co-workers, worth a total of HK$187.5 million, to celebrate the company being included in the latest Fortune 500 global company list for the first time, news portal GizmoChina reported on Tuesday.

Out of 1,000 shares of Xiaomi stocks, 500 shares serve to celebrate the Global 500 achievement and the remaining 500 are gifted to the family and loved ones of each co-worker and partner. 

Founded in April 2010 as an Internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core, Xiaomi was also named in Fortune's China 500 list for the first time in June, ranking 53rd. 

According to international market research organisation IDC, as of March 2019, the company has become the world's fourth smartphone brand in terms of shipment sales volume, registering a year-on-year growth of 32.2 per cent. 

The company has also incubated and invested in over 200 ecosystem companies, many of which have specialized in developing smart hardware, and has thus built the world's largest consumer IoT platform with approximately 171 million connected IoT devices, excluding smartphones and laptops, by late March 2019. 

The firm is investing 10 billion Renminbi in the development of "All in AIoT" (Artificial Intelligence+Internet of Things) in the next five years as part of its "Smartphone+AIoT" dual-core strategy, allowing the prospect to capitalize on Artificial Intelligence (AI) and IoT development opportunities in the future, and laying a solid foundation for growth over the next five to 10 years. 

Moreover, the company is planning to replicate its success by enhancing and adjusting its business strategies from China to overseas. 

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Source: IANS