Geely Automobile in China Distributes Stocks Worth 600 Billion KRW to Over 10,000 Employees

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Chinese automaker Geely Automobile has decided to distribute company shares worth over 600 billion KRW to about 10,000 employees.

This move is interpreted as a response to the Chinese Communist Party's emphasis on the "common prosperity" policy.

According to Pengpai and others on the 31st, Geely Automobile announced the "Common Prosperity Plan Details" the day before, which includes distributing 167 million shares to about 10,000 employees. The value of the shares amounts to 44.9 billion Hong Kong dollars (approximately 670 billion KRW).

Earlier in June, the Central Committee of the Chinese Communist Party and the State Council designated Zhejiang Province as a pilot zone for common prosperity and decided to achieve common prosperity in Zhejiang Province by 2035.

Geely Automobile's headquarters is located in Zhejiang Province.

The company announced a common prosperity plan last month, which includes a plan to increase the income of all employees.

Following the meeting of the Communist Party Central Financial and Economic Affairs Commission chaired by President Xi on the 17th, which emphasized institutionally strengthening the role of distribution to achieve the goal of common prosperity, companies have successively pledged large donations.

Tencent has decided to invest 50 billion yuan (approximately 9 trillion KRW) in projects related to common prosperity, and Pinduoduo announced plans to establish a 10 billion yuan (approximately 1.8 trillion KRW) agricultural science and technology fund.

This content was produced with the assistance of AI translation services.