A chairman of a Chinese small and medium-sized enterprise is making headlines for distributing 67% of annual net profit as employee bonuses.
According to Hong Kong's South China Morning Post on the 25th (local time), Henan Mine Crane, a crane manufacturer based in Henan Province, recently distributed a total of 180 million yuan (approximately 37 billion won) in bonuses to about 7,000 employees through a year-end event. The company's net profit last year was 270 million yuan (approximately 56.2 billion won), meaning roughly 67% of profits were shared with employees.
The highlight of the event was on-site cash distribution. Cash bundles were stacked high on more than 800 banquet tables, with over 60 million yuan (approximately 12.5 billion won) in cash distributed on site that day alone. The event also featured a segment where employees counted cash within a set time limit and took home whatever amount they counted. Videos showing employees descending from the stage with arms full of cash bundles were shared on local social media.
Founded in 2002, the company manufactures and sells cranes and material handling products, operating in more than 130 countries. Chairman Cui Peijun, who holds 98.88% of shares, effectively ceded his dividends to employees.
At the event, Chairman Cui instructed the finance team, which had prepared home appliances as prizes, to "give more cash since gold prices have risen," and immediately distributed an additional 20,000 yuan (approximately 4.1 million won) to each employee on the spot. In an interview with local media, he said, "I know well that young people these days struggle with car loans and mortgages," adding, "I hope the small help from the company provides great comfort."
The company also distributed a significant portion of its profits as bonuses in 2024, and on International Women's Day last year, it gave bonuses totaling 1.6 million yuan (approximately 300 million won) to 2,000 female employees.