Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China: Medical Drama Salutes Pandemic Heroes but Stirs Sexism Debate
Trending in China – Can Universities Stop Students Wasting Food And Keep Them Happy?
Alibaba Unveils Delivery Robot to Meet ‘Last-Mile’ Demand
Alibaba Launches Palm-Sized Cloud Computer With ‘Almost Unlimited Computing Resources’
China’s National Science Academy Vows to Close Tech Gaps in 10 Years
Trump’s WeChat Ban May Face Temporary Halt by U.S. Judge
Tencent Clinches Deal to Show England’s Premier League in China
Alibaba Unveils ‘Digital Factory’ as Part of Its ‘New Manufacturing’ Strategy
Trending in China: Basketballer Jeremy Lin - Dream Chaser or Delusional? Netizens Divided as Star Leaves CBA for NBA
Trending in China – The Case of the ‘Missing’ iPhone12
Kuaishou Logs 500 Million Online Shopping Orders in August
U.S.-Listed Chinese Delivery Firm ZTO Express Plans to Raise Up to $1.6 Billion in Hong Kong Secondary Listing
Xiaomi Vice Chairman Promises Not Sell More Stock After Selling Over $1 Billion in Company Shares
Autohome Plans $1 Billion Hong Kong Second Listing
Video Streamer iQiyi Kicks Up Its Sports Game with FC Barcelona Tie-Up
Global First as Potential Nasal Spray Covid-19 Vaccine Proceeds to Clinical Trial Phase’s Fintech Unit Plans to Spend $230 Million to Get Second Payment License
Trending in China – A Fight Over Steamed Buns Causes Netizens to Ask Whether Traditional Brands Can Survive in the Modern Era
Loss Making Evergrande’s Electric Vehicle Subsidiary to Raise $516 Million from Investors Including Tencent
Kai-Fu Lee’s Remarks Set Off Firestorm Over Facial Recognition
Xiaomi Vice Chairman Promises Not Sell More Stock After Selling Over $1 Billion in Company Shares

Ding Yi / Sep 16, 2020 06:07 PM / Business & Tech

Xiaomi vice chairman and executive director Lin Bin has pledged that he will not dispose of any more shares in the company over the next five years in an effort to maintain market confidence in the Chinese smartphone maker, according to a stock filing Tuesday.

The promise was made after Lin cashed in on Xiaomi’s surging stock price to the tune of HK$7.89 billion ($1.02 billion) by unloading 350 million Class B shares in the company. The executive divested the shares at HK$22.55 each, representing a 4.23% discount on Xiaomi’s Monday closing price. After the stake sale, Lin holds about 2.4 billion shares, or 9.64% of Xiaomi’s capital stock, making him the firm’s second-largest individual shareholder.

Class B shares are a classification of common stock that is traditionally accompanied by fewer voting rights than Class A shares.

Xiaomi’s share price has soared by nearly 30% since the electronics giant reported impressive year-on-year growth in net profits in its second-quarter earnings report released on August 26.

In August last year, Lin sold 41 million Xiaomi shares for three days in a row, netting HK$373 million and rattling market confidence as the company’s shares was on a downward track. After that share sale, Lin made a promise that he would not sell any of his shares in Xiaomi for a year, bringing us to September 2020.

Contact reporter Ding Yi (

Related: Xiaomi Shares Jump on Strong Earnings Despite China-India Tensions


Share this article
Open WeChat and scan the QR code