Xiaomi Stock Up Over 26 Percent in First Week of Trading; India Chief Manu Jain's Stake Now Worth Over Rs. 428 Crore
Xiaomi stock shrugged off a slow start to end the week up over 25 percent
Manu Jain's stake valued at over Rs. 428 crore
Ex-employee Hugo Barra shares worth over 235 million US dollars
The Xiaomi stock recovered from a disappointing opening day on Monday to post strong gains through the rest of the week. The Xiaomi stock was valued at HKD 21.45 (roughly Rs. 187.17) when the Hong Kong Stock Exchange closed on Friday, a gain of over 26 percent over the listing price of HKD 17.
Xiaomi’s shares ended Monday - the first day of trading - at HKD 16.8, but the stock posted strong gains on all other days of the week. Friday was an especially good day for the Xiaomi stock, as the shares rose over 11.3 percent to end the week at HKD 21.45, valuing the company at nearly 480 billion HKD - over 60 billion US dollars.
The IPO, of course, represents a windfall for the Xiaomi employees. Xiaomi India chief Manu Kumar Jain’s stock options in the company are now valued at over Rs. 428 crore, based on Friday’s closing value of the Xiaomi stock and the HKD-INR conversion rate at the time of filing this report.
According to documents shared by Xiaomi ahead of the IPO, Jain has stock options equivalent to 22,888,440 Class B shares of the company for a 0.10 percent stake in the company. Jain’s stock options, granted to him between June 2014 and February 2018, are due to vest between 1 and 10 years, documents reveal.
Jain, the only non-Chinese among Xiaomi’s senior management as listed in the IPO documents, has the third-highest stock options out of the senior employees currently with Xiaomi. CFO Chew Shou Zi and Senior Vice President, TV Business have stock options equivalent to 50 million Class B shares each.
Though Hugo Barra was not mentioned in Xiaomi’s IPO documents by name, he’s believed to be the former Vice President (Global business) the documents refer to as having been awarded stock options equivalent to 86,258,400 Class B shares of Xiaomi on October 1, 2013.
Barra’s options vest on October 1 this year and as per Xiaomi stock’s closing price on Friday and the exchange rates at the time of filing this report, his stake in Xiaomi is now worth over 235 million US dollars (approximately Rs. 1,615 crore).