— SCMP
After Xiaomi’s post-IPO lock up period expired in January Lei pledged to not sell any of his stock in Xiaomi. “This stock reward decision was passed by the board with Lei Jun knowing nothing about it,” Lin said at the time. “Xiaomi is not the first to reward its founder before an IPO and will not be the last.”
Xiaomi has felt the brunt an economic slowdown and a saturated smartphone market in China. Last year, smartphone sales in the country shrunk by more than 34 per cent year on year in the fourth quarter.
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