Xiaomi reportedly awards founder $1.5 billion in stock ahead of IPO

Lei Jun, chairman and CEO of China's Xiaomi

ChinaFotoPress | Getty Images

Lei Jun, chairman and CEO of China’s Xiaomi

Chinese smartphone maker Xiaomi awarded founder and CEO Lei Jun about $1.5 billion in stock, one of the biggest corporate paydays in history, The Wall Street Journal reported Friday.

The company gave Lei the stock to “reward him for his contributions” ahead of its IPO, The Journal reported, citing a document filed this week.

Xiaomi hopes to raise up to $6.1 billion in its Hong Kong IPO, which the Journal reported would value Lei’s stock award between $1.38 billion and $1.79 billion.

A…

Read Story