Xiaomi employees set to become multi-millionaires
Some 56 early employees of Chinese smartphone maker Xiaomi are set to cash out big, when the company goes public next month.
Earlier this month, Xiaomi filed for an initial public offering on the Hong Kong Stock Exchange.
The company is reportedly aiming to raise US$10 billion at a market valuation of US$100 billion. This listing could potentially become the world’s largest since Alibaba on the New York Stock Exchange in 2014.
If this target is achieved, the shares of those 56 employees could be worth as much as US$3 billion. This works out to be an average of US$36 million per person, depending on their stakes.
These workers were part of a collective that painstakingly raised US$11 million eight years ago, back when the company was simply an idea.
One employee from the HR department reportedly invested her dowry amount of between US$16,000 to US$31,000 into the company, while another put in his life savings of around US$80,000.
Five of the company’s co-founders, having invested the most, are set to become billionaires. CEO Lei Jun’s stake could be worth US$27 billion, based on the most optimistic estimates. This would make him China’s richest man.
Xiaomi is currently the fourth largest smartphone manufacturer in the world.