IT之家 June 24 News: AI company MiniMax (Xiyu Technology) issued an announcement on June 23, granting awards under its post-IPO share incentive plan, granting a total of 1,168,800 awards to directors, employees, and service providers with a purchase price of zero.

The closing price of the shares on the grant date was HKD 515 per share, and based on this, the total market value of these incentives is approximately HKD 600 million (Note by IT之家: approximately RMB 520 million at the current exchange rate). Among them:

• Granted 250,000 awards to the company's executive director Zhao Pengyu, equivalent to approximately HKD 129 million (approximately RMB 112 million at the current exchange rate)

• Granted 908,535 awards to employee grantees, equivalent to approximately HKD 468 million (approximately RMB 406 million at the current exchange rate).

• Granted 10,241 shares to the service provider grantee, equivalent to approximately HK$5.27 million (approximately RMB 4.571 million at current exchange rate)

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MiniMax announced that the grant of awards to the grantees is intended to motivate and reward their contributions to the Group, and to align their interests with those of the Company, thereby encouraging them to strive for enhancing the Company's value. The service provider grantees provide business development and consulting services to the Group, and the Board considers these services valuable to the Group's business. The Board believes that accepting these services is part of the Group's routine and general business processes, and considers that granting these awards to the service provider grantees is in the long-term development interest of the Company and is consistent with the purpose of the post-IPO share incentive plan.

It is worth mentioning that the vesting of the awards granted to the beneficiaries on the grant dateis not subject to any performance targets., as long as you stay at MiniMax for the vesting period, you can get all of it.

MiniMax founder Yan Junjie (闫俊杰) also mentioned on Luo Yonghao's (罗永浩) podcast "Crossroads (十字路口)" that the way to restore everyone's confidence is to give everyone more money .

MiniMax officially landed on the Hong Kong Stock Exchange in January this year, with an issue price of HKD 165 per share, and today's closing price is HKD 477.6 per share.

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