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Geely speeds up file for broader employee share awards
/cloudfront-us-east-2.images.arcpublishing.com/reuters/64BXS4L3SVLJPHNQ2WAOP46LHI.jpg "Geely speeds up file for broader employee share awards")
Visitors check out a Zeekr 001, a model of Geely’s new premium electric vehicle (EV) brand Zeekr, at its factory in Ningbo, Zhejiang province, China on April 15, 2021. REUTERS / Yilei Sun / File Photo
MELBOURNE, September 1 (Reuters Breakingviews) – Equity has become a bit more equitable in China. Geely Automobile (0175.HK) said this week that it assign actions in the $ 35 billion company to nearly 11,000 employees, or nearly a fifth of its workforce. It’s a rare expansion of blueprints usually reserved for the best brass or tech startups. The rewards represent a 3.6% stake in Geely and are designed to increase salaries and help retain staff.
Geely workers have to wait 12 months to unload part of the allotment and can only sell 25% per year. Considering the 37% annualized total return on stocks over the past five years, they may be inclined to hang on to it anyway.
Much research indicates that employee ownership offers a myriad of benefits, and the company says the plan has been in the works for some time. However, it also fits well with Chinese President Xi Jinping’s new push for common prosperity, giving companies there another big reason to embrace the idea. (By Jeffrey Goldfarb)
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