Photo credit: yuanshihui.cn
TMpost has published a salary list for China’s technology firms’ executives.
NIO’s CEO, Yuanqing Yang ranked fifth with his 1.67 billion annual salaries.
Among the top 20 firms, the first is Tencent, the second is Xpeng, Alibaba is third, Jingdong is Forth and NIO is fifth ranking.
XPeng’s salary has the most controversy among all. It is one of the car-making newcomers. Although the company is now under a state of deficit, it ranks first among the personal annual salary.
XPeng’s revealed CEOs have a sum of 435 million RMB annual salary. Its director Hongdi Gu has an annual salary beyond 4.3 billion RMB.
The financial report shows that XPeng has a research and development investment of about 17.26 billion RMB in 2020, its annual deficit is about 27.31 billion RMB.
Who is Hongdi Gu?
The information shows that XPeng’s director joined XPeng in 2018 March, directing the firm’s strategy, finance, investment, and globalisation. Now, he is XPeng’s vice CEO and director.
Before he joined XPeng, he was Asian’s Chairman of Investment Banking for J.P. Morgan Chase. During 1999 and 2004, he served in LEHMAN BROTHERS as the vice president.
Among 20 years of working in investment banks, he has been the counselor for many well-known capital funding and merging transactions.
The controversy for a high annual salary
Although XPeng has a high annual salary for its executives, it does not have a significant profit and revenues. While the company announced that it is strategically lossing, a large amount of capital investment into research and development causes them to be losing. But there will be a rising gross profit.
However, it would be unreasonable for the company to have a high executive compensation under this scenario.
