Xiaomi President Lin Bin Flogs USD47 Million of Company Stock

LIAO SHUMIN

(Yicai Global) Aug. 27 — Lin Bin, co-founder and president of Xiaomi, has cashed in some HKD370 million (USD47 million) worth of the Chinese tech giant’s shares on the secondary market, according to the Hong Kong Stock Exchange.

The 58-year old sold 26.7 million shares on Aug. 21, 5.6 million Aug. 22 and 9 million on Aug. 23, making up 10.5 percent of the firm’s trading volume over the three days. He sold the stock for around HKD9 (USD1.15) a share.

The 41.3 million total did not exceed 1.5 percent of Lin’s total holdings, Xiaomi told state-backed news site The Paper.

Lin also transferred some 3.7 million shares on Aug. 23 to his family fund, the Bin Lin and Daisy Liu Family Foundation, a non-profit engaged in charity work, education, science, literature and religious activities.

Xiaomi, best known for its smartphones and intelligent home devices, lifted first-half profit 49.8 percent annually to CNY5.7 billion (USD798 million), according to its interim report published Aug. 20. Its stock [HKG:1810] hit a single month high of HKD9.6 the next day before crashing 5 percent. The price has continued to slide and closed down 2.9 percent at HKD8.7 yesterday.

Editor: James Boynton