Xiaomi Co-founder Lin Bin's Clarification on Stock Reduction
TapTechNews June 22nd, early this morning, Lin Bin, the co-founder, vice chairman and executive director of Xiaomi Group, further explained the recent rumors about reducing holdings and cashing out through his personal Weibo account.
In response to the online discussions about my foundation reducing holdings of Xiaomi stocks these days, I would like to clarify to everyone. My foundation was established in 2019. According to the bylaw established at that time, all the assets of the foundation can only be used for donation projects related to charity, public welfare and education and scientific research, and cannot be used for any personal enjoyment.
In 2020, I donated 120 million shares of Xiaomi stocks to the foundation (60 million shares were later donated to the Xiaomi Foundation), all of which can only be used for charity. Due to this reason, the initial commitment of not reducing holdings for five years does not include the stocks of this foundation.
As for the amount of this reduction, in addition to the part donated to Sun Yat-sen University, there will be more public welfare donations in the future. Everyone is welcome to supervise together.
TapTechNews appendix: Earlier this month, some domestic media reported that Lin Bin's reduction in holdings for three consecutive trading days in June attracted investors' attention. According to the information disclosed, Lin Bin reduced his holdings by a total of 10 million shares,套现 about 179 million Hong Kong dollars (TapTechNews note: currently about 167 million yuan).
After the reduction in holdings, some investors accused Lin Bin of breaking his promise and being untrustworthy on platforms such as Xueqiu. Today, a relevant person in charge of Xiaomi Group said that (the reduction in holdings for cash out)is for public welfare, Specifically, you can check their donation matters to Sun Yat-sen University. However, there is a difference between the amount of Lin Bin's reduction in holdings and the amount of donation. In this regard, a relevant person in charge of Xiaomi Group said that it is the difference between Hong Kong dollars and Chinese yuan.
On the afternoon of April 17th, the donation signing ceremony of Lin Bin and Liu Xiangdong couple to Sun Yat-sen University was held at Sun Yat-sen University. Lin Bin and Liu Xiangdong couple donated 100 million yuan in cash to their alma mater.