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.

China’s Tighter Tech Laws Could Stymie U.S. Demands for Data Handover, Legal Expert Says
China Chip Exec Says Crunch Could End by Mid-2022
Air Taxi Developer’s Listing Shows Tencent Can’t Shake Its Flying Car Dreams
Apple Hopes Cheaper IPhones Will Woo Chinese Customers
Two Chinese Tech Stocks Sizzle on Latest Hot Concept in Virtual Reality
China Tech Stocks Stumble in Rush Back Toward Bull Market
WeRide Joins With Carmaker, Courier to Commercialize Self-Driving Delivery Vans Dada’s Autonomous Delivery Investment Undercuts Revenue Jump
Non-Innovative Medtech Companies Are Winning Too Much Venture Capital, Official Says
Chipmaker SMIC Inks Deal With Shanghai for $8.8 Billion Factory
Tech Insider: EV Sales a Mixed Bag, MediaTek Stays on Top, Xiaomi’s New Direction
BGI’s Gene Sequencer Spin-Off Approved for Shanghai IPO
Smartphone Giant Xiaomi Officially Revs Up Smart Car Business
China’s GPS Alternative Gets Regulatory Roadmap in Push to Boost Adoption
Meituan Faces Fresh Regulatory Trouble Over Mobike Acquisition
China Hammers Mobile Gaming Industry With Tough New Limits
ByteDance Acquires China’s Largest Virtual Reality Headset Maker
Microchip Design Specialist Arm China Takes a Turn Into Autonomous Driving
Tech Insider: Self-Flying Hopeful EHang Runs Into Turbulence, Chipmaker Arm China Joins Auto Drive, iQiyi Gives Up on Its Idols
Self-Flying Vehicle Specialist EHang Hits Earnings Turbulence
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