(Yicai Global) May 4 -- The remuneration of chairmen of listed Chinese companies is on the rise, with the chairs of 24 firms receiving more than CNY10 million (USD1.4 million) each in 2022, yet in some instances the higher wages are not reflected in the performance of the company, according to Yicai Global research.

The chair of WuXi AppTec, China’s largest contract research and development firm in pharmaceuticals, was the highest paid, raking in CNY42 million (USD6.1 million) last year, more than the net profit earned by 1,653 companies listed on the mainland that year, according to an Yicai Global study of the 2022 earnings reports to be released so far.

Li Ge’s gross remuneration has surged two-and-a-half times since 2018 when the Shanghai-based firm went public on both the Shanghai and Hong Kong bourses. But these increases are not reflected in its share price. The Shanghai stock gained nearly nine-fold in the two-and-a-half years since it went public. Yet since February 2021, the share price has been on a downward slide, slumping 31 percent in value over the course of 2022 and this year it has tumbled 16 percent so far.

The top four all earned more than CNY20 million (USD2.8 million), with the chair of Shenzhen Mindray Bio-Medical Electronics, a medical equipment supplier, in second place, followed by the chairs of dairy giant Inner Mongolia Yili Industrial Group and printed circuit board maker Avary Holding. And the chairs of 95 listed firms earned more than CNY5 million (USD724,144).

The chair of internet connection equipment supplier Skyworth Digital boasted the biggest increase, with his salary suddenly rocketing 90-fold in 2022 to CNY10.8 million (USD1.5 million) from the CNY120,000 (USD17,379) it had been from 2018 to 2021. The chairs of solar behemoth Longi Green Energy Technology and lube oil additive supplier Xinxiang Richful Lube Additives also logged big gains.

Some chairs saw their pay climb despite serious slumps in corporate performance. Biotech company BeiGene suffered its greatest yearly loss in 2022 at CNY13.6 billion (USD2 billion). But Chairman John Oyler bagged a 21.4 percent jump in remuneration to CNY13.6 million (USD2 million).

And while cybersecurity company 360 Security Technology lost CNY2.2 billion (USD318 million) that year, Chair Zhou Hongyi was granted a 60 percent hike to CNY8.8 million (USD1.3 million). And furniture chain Red Star Macalline’s net profit narrowed 63 percent CNY749 million (USD108.5 million), the first time that the company has pocketed less than CNY1 billion since 2010, but Chairman Che Jianxin’s salary doubled to CNY6.9 million (USD997 million).

However, there were still 516 chairs who were not awarded any remuneration last year and 60 who earned less than CNY100,000 (USD14,482) that year.

Editors: Tang Shihua, Kim Taylor