(Yicai Global) Sept. 1 -- Geely Automobile has revealed the largest equity incentive program among Chinese carmakers in recent years, offering HKD4.5 billion (USD578.7 million) worth of shares as equity incentives to its employees to retain talents.

Geely's plan is bigger than those of Great Wall Motors, Changan Automobile, SAIC Motor, and GAC Group in recent years, according to Yicai Global's calculations.

The program's total volume will be 350 million shares, the Hangzhou-headquartered firm said in a statement on Aug. 30. Those were worth HKD4.5 billion based on the closing price of its Shanghai-listed stock at HKD26.9 (USD3.50) yesterday.

The first batch of 167 million units will be sold to more than 10,000 workers at the vehicle manufacturer for HKD0.02 (less than 1 US dollar cent) apiece, indicating a total gain of CNY1.7 billion (USD263 million) for the selected purchasers, according to the statement.

Geely revealed its five-year development plan last month. The group aims to become the No. 1 Chinese carmaker in terms of market share by 2025, according to the roadmap. It should sell 3.65 million units per year, with electric vehicles making up 30 percent of the total. Its Zeekr marque should sell 650,000 units, and rank among the world's top three premium electric car brands.

Chinese tech companies are known to reward their star employees with equity incentives. Yicai Global learned that one staff member who had joined Xpeng Motors four years ago was given nearly 20,000 shares when the electric carmaker went public in the States in August 2020. The holdings were worth more than CNY5.8 million (USD897,680) as of yesterday.

Geely's stock will be delivered in four batches from Aug. 30, 2022, to Aug. 29, 2025, Yang Xueliang, senior vice president at Geely Holding Group, said to Yicai Global.

Editor: Emmi Laine, Xiao Yi