Xiaomi's India chief, Manu Jain is now owner of stake worth Rs 428 crore, thanks to the 26 per cent rise in Chinese smartphone maker stocks in first week of its trading.
Xiaomi's India chief, Manu Jain is now owner of stake worth Rs 428 crore, thanks to the 26 per cent rise in Chinese smartphone maker stocks in first week of its trading. After a lukewarm debut on Monday, the shares recovered to post strong gains through the rest of the week. The Xiaomi stock was valued at HKD 21.45 (around Rs 187.17) when the Hong Kong Stock Exchange closed on Friday, a gain of over 26 per cent over the listing price of HKD 17.
Xiaomi's shares opened at 16.60 Hong Kong dollars (USD 2.12) in Hong Kong, down from their IPO price of 17.00 Hong Kong dollars. Investors felt a lack of confidence even before public trading started, selling their shares at a discount on the unofficial "grey market" last week, Bloomberg News reported.
Despite being one of the most anticipated Chinese technology IPOs this year, Xiaomi saw a disappointing valuation of USD 54 billion, well below its ambitious USD 100 billion target. But things changed on Friday as the shares rose over 11.3 per cent to end the week at HKD 21.45, valuing the company at nearly 480 billion HKD - over 60 billion US dollars.
The development reportedly has benefitted its vice president Manu Jain. According to a report in Business Line, Jain holds about 22.88 million shares of Xiaomi, which at the last trading price of about HK$16.5 translates into roughly Rs 320 crore. Xiaomi has over 500 employees, a large number of whom have been given employee stock options (ESOPs).
However, for most of them the ESOPs get vested only after five years, which means they’ll have to wait before they can reap the benefits of the company’s IPO, according to the report.
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 "Xiaomi India chief Manu Jain's stake over Rs 428 crore now: Report")
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