Xiaomi’s IPO in Hong Kong might not have been the smash hit that the corporate hoped for, however the itemizing is a serious monetary windfall for one former worker: Xiaomi’s ex-head of worldwide Hugo Barra.
Barra joined Xiaomi in 2013 from Google, the place he had been a senior government answerable for Android, however he departed the Chinese language firm final yr to hitch Fb, the place he leads the social community’s VR push. It’s typical for workers to lose inventory choices once they depart a enterprise forward of schedule — and earlier than their vesting interval — however that didn’t apply within the case of Barra, who was allotted 86 million shares, based on particulars buried in Xiaomi’s prospectus that have been noticed by Bloomberg’s Tim Culpan.
Barra’s shares are resulting from vest on October 1 2018 and on the present HK$19 value they’re value round $209 million. That’s because of a rush in buying and selling that pushed the fill up by over 10 p.c at present. Barra flew into Hong Kong to attend the corporate’s IPO ceremony on Monday, based on images shared by Xiaomi employees.
The submitting doesn’t point out Barra by identify, however the job title — vice chairman (international enterprise) — makes it straightforward to determine him since that function was created for him, he was by no means changed straight and the beginning date is consistent with his employment interval.
Neither Barra nor Xiaomi responded to requests for remark from TechCrunch.
Barra isn’t the one former worker to retain inventory choices, the Chinese language agency additionally gave an allocation to its former chief scientist and ex-director of hardware. Different non-Chinese language executives who netted main monetary beneficial properties from the itemizing embody Manu Jain, who heads up Xiaomi India and is estimated to carry round $55 million in inventory.
The itemizing might have been lackluster — Xiaomi needed to accept a valuation of round $57 billion regardless of aiming for as excessive as $100 billion — nevertheless it nonetheless created huge wealth for core firm personnel. CEO Lei Jun’s inventory, round 29 p.c of the corporate, was value $14 billion on the finish of buying and selling on day one. Shares belonging to fellow co-founders Lin Bin, Li Wangqiang and Wong Kong Kat have been value $6 billion, $1.5 billion and $1.5 billion, respectively, based on a CNN report.
Supply hyperlink – https://techcrunch.com/2018/07/11/xiaomi-ipo-hugo-barra/