Yu Minhong Claims No Salary Received from EAST BUY Since Inception

Deep News04-30 15:41

Yu Minhong has stated that he has never drawn a salary from EAST BUY since the company was established. On April 30, he responded to receiving 1.8 million shares of EAST BUY, explaining that the company grants equity every three years. This particular grant involves a total of approximately 19.3 million shares, to be distributed over three years, with about 6.43 million shares allocated annually to around 300 employees and managers. Among these, the widely discussed portion is the annual allocation of 600,000 shares to him. Yu Minhong mentioned that he initially explicitly told management and the board that he did not want any equity. He emphasized that from the founding of EAST BUY to the present day, he has not received a single yuan in salary. Additionally, Yu Minhong indicated that the proceeds from the equity, once vested, will be used in three areas: rewarding EAST BUY employees, supporting rural primary and secondary school students, and donating a portion to Peking University.

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