Recently, the consecutive shareholding reduction actions of Lin Bin, the co-founder, vice chairman and executive director of Xiaomi Group, have attracted market attention.
Securities Times reporter learned from HKEx disclosure that Lin Bin accumulated a shareholding sale from June 4 to June 6 in three trading days. $XIAOMI-W (01810.HK)$10 million shares were sold, realizing a total of approximately HKD 179 million, or approximately RMB 166 million.
Regarding the shareholding sale, some investors questioned that it violated the promise of shareholding sale. It was reported that in 2020, Lin Bin promised not to reduce his shareholding in Xiaomi Corporation within five years. In response, a person in charge of Xiaomi Corporation stated that Lin Bin's shareholding sale was for public welfare, and the details could be found in their donation to Sun Yat-Sen University.
Shareholding sale of RMB 166 million.
According to HKEx disclosure, Lin Bin sold 3.333 million shares, 3.333 million shares, and 3.334 million shares of Xiaomi Corporation on June 4, June 5, and June 6, respectively. The average selling prices were HKD 17.77, HKD 17.80, and HKD 18.05, respectively. Calculating this way, the sales amounts were HKD 59.2287 million, HKD 59.3357 million, and HKD 60.1690 million, respectively.
Lin Bin sold a total of 10 million shares of Xiaomi Corporation in three trading days, realizing approximately HKD 179 million, or approximately RMB 166 million.
Lin Bin's shareholding sale also drew attention from investors, with some expressing on the stock bar platform that Lin Bin went back on his promise and lacked credibility.
On September 15, 2020, Xiaomi Corporation issued a commitment announcement for the vice chairman's lock-up period. In order to demonstrate his firm confidence in the long-term value of Xiaomi Corporation, the company's vice chairman and executive director Lin Bin voluntarily promised that he and all entities controlled by him would not sell the Xiaomi Corporation shares they directly or indirectly beneficially owned within five years from September 15, 2020, except for up to 120 million Class B shares that had already been arranged.
It is reported that these 120 million Class B shares will be donated to the Bin Lin and Daisy Liu Family Foundation. Moreover, of the 120 million Class B shares, 60 million will be donated to the Xiaomi Foundation Limited.
In fact, regarding the specific reason for the shareholding sale, the exchange disclosed that it will be used for charitable purposes. A person in charge of Xiaomi Corporation also stated that Lin Bin's shareholding sale was for public welfare, and the details could be found in their donation to Sun Yat-Sen University.
As for whether the shareholding sold this time is the same as the promised 120 million Class B shares, the reporter has not received a response from Xiaomi Corporation. According to the announcement disclosed by Xiaomi Corporation, the 10 million shares sold by Lin Bin this time were all sold from the Bin Lin and Daisy Liu Family Foundation account. After the sale, as of June 6, the account still held approximately 50.69 million shares.
Donating RMB 100 million.
On the eve of the 100th anniversary of Sun Yat-Sen University, the co-founder and vice chairman of Xiaomi Corporation, Lin Bin and his wife, donated RMB 100 million to Sun Yat-Sen University. According to the Weibo message from Sun Yat-Sen University, on April 17th, alumni of Sun Yat-Sen University, Lin Bin and the director of the Lin Bin Liu Xiangdong Foundation, Liu Xiangdong, donated RMB 100 million in cash to Sun Yat-Sen University.
It is reported that the RMB 100 million donated by Lin Bin will be used for the construction of the Lin Bin Liu Xiangdong Cultural and Sports Center, the establishment of Lin Bin Liu Xiangdong scholarships, and the Hong Danhua scholarships.
In fact, in 2022, Lin Bin also donated to Sun Yat-Sen University. According to the message from Sun Yat-Sen University Education Development Foundation, in June 2022, the School of Electronic and Information Engineering of Sun Yat-Sen University held the award ceremony for the Lin Bin Liu Xiangdong Scholarship in 2022.
It is reported that Lin Bin and Liu Xiangdong are Sun Yat-Sen University alumni from the Department of Electronics and Information Engineering in 1986. At that time, Lin Bin said: "The Department of Electronics is the best department in Sun Yat-Sen University. Sun Yat-Sen University will always be the spiritual home of alumni." He mentioned that the development of the college is changing day by day and provides a good platform for students' growth and development, hoping that everyone will cherish their time, learn well and create more achievements.
In 2021, Lin Bin donated 60 million Class B shares of Xiaomi Corporation to the Xiaomi Foundation, which attracted widespread attention. According to the Hurun Research Institute, Lin Bin entered the top ten of the Hurun Charity List 2022 thanks to this donation. According to the closing price on the day of the announcement, the value was approximately RMB 940 million.
In July 2023, the donation ceremony for "Xiaomi Youth Scholars" and "Xiaomi Scholarship" was held at Sun Yat-Sen University. Lin Bin said that there are now many alumni working at Xiaomi, and the development of Xiaomi depends on the contributions of many outstanding Sun Yat-Sen University graduates. The Xiaomi Public Welfare Foundation is committed to promoting technological innovation and talent development. He hopes that the "Xiaomi Youth Scholars" project and the "Xiaomi Scholarship" project can support and help young students and young teachers at Sun Yat-Sen University to develop, cultivate more creative talents and make positive contributions to the development of the university and society.
Edited by Jeffrey