Henan Mining Machinery Distributes 70% of Net Profit as Bonuses to Employees
Year-end Party Featuring Event to Take Cash as Counted
Company CEO Praised as “True God of Wealth” by Netizens
[Herald Economy = Han Ji-sook] A Chinese company has become a hot topic by distributing 180 million yuan (about 37 billion KRW), which is 70% of its net profit, as performance bonuses to its employees.
According to the Hong Kong South China Morning Post (SCMP) on the 25th, Henan Mining Machinery, a crane manufacturer based in Henan Province, held a year-end party on the 13th ahead of the Chinese Lunar New Year ‘Chun Jie’, where they directly distributed a portion of the bonuses, a whopping 60 million yuan (125 billion KRW) in cash, on site to their employees.
The distribution method was unique. Around 800 banquet tables were set up at the venue, with piles of cash stacked on top of them. About 7,000 employees had the chance to count the money, and they were allowed to take home as much cash as they could count within a set time.
In videos spreading via local social media (SNS), employees could be seen holding armfuls of cash bundles, with some barely managing to carry the large stacks of money.
At the party, company chairman Cui Feijun instructed the finance department, which was preparing to give away home appliances and other prizes, to “give more cash as the price of gold has risen,” resulting in an additional 20,000 yuan (about 410,000 KRW) being given on the spot to each employee.
Including performance bonuses distributed online, the total year-end bonuses given to employees exceeded 180 million yuan. This amount is equivalent to 67% of the company’s last year’s net profit of 270 million yuan (about 56.2 billion KRW).
Established in September 2002, the company manufactures and provides services for cranes and material handling products, operating in more than 130 countries worldwide. Chairman Cui holds approximately 98.88% of the company’s shares.
In 2024, the company had also distributed 170 million yuan out of its annual net profit of 260 million yuan as dividends to employees. In March last year, on International Women’s Day, the company had also distributed a special bonus of about 1.6 million yuan (3.3 billion KRW) to 2,000 female employees.
Upon hearing the news, Cui earned the nickname “the boss who loves to give money the most” online. In an interview with a local media outlet, Cui said, “It’s not that I like giving away money; I just want to provide even a small amount of help from the company because young people are struggling with car installments and mortgage loans.”
Local netizens who heard the news reacted with comments like, “Chairman Cui is indeed the true God of Wealth,” “Much more effective promotion than advertising,” “Truly an ideal boss everyone dreams of,” and “Who wouldn’t want to work at such a company?”