Chinese tech company Xiaomi granted over one hundred core employees a 10-year equity incentive of about 120 million shares, Xiaomi's board announced on Monday.

A total of 119,650,000 award shares were granted to 122 receivers, who are technology specialists, middle and senior management and participants in the New 10-year Entrepreneur Program.

Each award winner received about HK$25.45 million ($3.27 million), as the closing price of the shares was HK$25.95 per share on the date of grant of the awards, making the total amount HK$3.11 billion.

The award shares will vest between April 1, 2022 and April 1, 2030, the company said in their announcement on the Hong Kong Stock Exchange on Tuesday.

The company launched the New 10-year Entrepreneur Program, which continuously selects a hundred core management personnel and rewards them with returns like those of early entrepreneurs, on Aug 16, 2020.

The program aims to encourage employees to create value for the company with entrepreneurial attitudes, and participants should recognize the company's mission, vision and value.

As early as July 2, Xiaomi granted 3,904 selected employees 70 million shares, aiming to award outstanding young engineers, fresh graduates and core employees, according to the company.