The China-based tech giant known for making value-for-money smartphones — Xiaomi, has announced that the company will award a total of 70.23 million shares to selected 3,904 participants under a share award scheme.

The shares awarded by the company shall be vested between July 2, 2021, to July 2, 2025, which is in line with the usual vesting period of four years. The cost of the shares awarded by the company stands over HK$1.84 billion at a share price of HK$26.20.

These 3,904 shares allotted by the company stand at about 0.28 percent of the total issued shares of Xiaomi, according to the exchange filing. The total under the share award scheme is capped at around 1.12 billion shares, subject to an annual limit of 3 percent of the total number of issued shares. So far, the company has granted a total of 323.49 million shares under the scheme.

A couple of months ago, Xiaomi announced its financial results for the last year. The numbers reveal a strong year for the company, which marked a notable growth of 17.5 percent year on year over 2019, reaching 146.4 million shipments in total.

The rise of its handset shipments in 2020 helped the company climb the list to become the third-largest smartphone manufacturer in the world, while Huawei saw a sharp decline during the same time.

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