Xiaomi’s former head of worldwide Hugo Barra lands IPO windfall – TechCrunch

Xiaomi’s IPO in Hong Kong could not have been the smash hit that the corporate hoped for, however the itemizing is a serious monetary windfall for one former worker: Xiaomi’s ex-head of worldwide Hugo Barra.

Barra joined Xiaomi in 2013 from Google, the place he had been a senior government answerable for Android, however he departed the Chinese language firm final yr to affix Fb, the place he leads the social community’s VR push. It’s standard for employees to lose inventory choices after they depart a enterprise forward of schedule — and earlier than their vesting interval — however that didn’t apply within the case of Barra, who was allotted 86 million shares, in response to particulars buried in Xiaomi’s prospectus that had been noticed by Bloomberg’s Tim Culpan.

Barra’s shares are because of vest on October 1 2018 and at the present HK$19 value they’re price round $209 million. That’s due to a rush in buying and selling that pushed the refill by over 10 % immediately. Barra flew into Hong Kong to attend the corporate’s IPO ceremony on Monday, in response to photographs shared by Xiaomi workers.

The submitting doesn’t point out Barra by title, however the job title — vp (international enterprise) — makes it straightforward to determine him since that position was created for him, he was by no means changed immediately and the beginning date is according to his employment interval.

Neither Barra nor Xiaomi responded to requests for remark from TechCrunch.

Barra isn’t the one former worker to retain inventory choices, the Chinese language agency additionally gave an allocation to its former chief scientist and ex-director of {hardware}. Different non-Chinese language executives who netted main monetary positive aspects from the itemizing embody Manu Jain, who heads up Xiaomi India and is estimated to carry round $55 million in inventory.

The itemizing could have been lackluster — Xiaomi needed to accept a valuation of round $57 billion regardless of aiming for as excessive as $100 billion — nevertheless it nonetheless created huge wealth for core firm personnel. CEO Lei Jun’s inventory, round 29 % of the corporate, was price $14 billion on the finish of buying and selling on day one. Shares belonging to fellow co-founders Lin Bin, Li Wangqiang and Wong Kong Kat had been price $6 billion, $1.5 billion and $1.5 billion, respectively, in response to a CNN report.

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