Li Auto Grants HK$1.99 Billion in Stock Options to Top Executives Tied to Trillion-Dollar Market Cap Goals

Li Auto announced on Tuesday that it has granted substantial stock options and restricted share units to three senior executives and 99 employees, in a move designed to align management interests with long-term shareholder value, according to a company filing. The electric vehicle maker granted a total of 35 million share options to CFO Li Tie, President Ma Donghui, and CTO Xie Yan, valued at approximately HK$1.99 billion ($256 million) based on the closing price of Li Auto's A-class ordinary shares on the grant date of June 15, 2026. Specifically, Ma Donghui received 15 million options (worth approximately HK$853 million), Li Tie received 10 million options (worth HK$569 million), and Xie Yan received 10 million options (worth HK$569 million). The options carry an exercise price of $14.38 per American Depositary Share. What makes this grant particularly notable is its performance-based vesting structure tied directly to Li Auto's market capitalization. The options vest in five tranches of 20% each, requiring the company to reach market cap milestones of HK$200 billion, HK$400 billion, HK$600 billion, HK$800 billion, and ultimately HK$1 trillion for full vesting. Li Auto's current market capitalization stands at approximately HK$120 billion ($15.5 billion). In addition, Li Auto granted 5.56 million restricted share units to Ma Donghui and 99 other employees, valued at approximately HK$316 million. These RSUs are also subject to performance conditions and service period requirements. Li Auto stated in the filing that it is restructuring its long-term incentive framework for core management members, shifting from fixed time-based awards to a structure that better ties management interests to shareholder interests and the company's long-term performance. The aggressive market cap targets — requiring an approximately eight-fold increase from current levels — signal both the board's confidence in Li Auto's growth trajectory and its determination to retain top talent in China's fiercely competitive EV market.