(Yicai Global) Feb. 7 -- Chinese telecoms giant Huawei Technologies cut its annual dividend 15 percent, paying out a total of more than CNY30 billion (USD4.7 billion) to employees, after revenue at the employee-owned private company fell last year.

Huawei paid out CNY1.58 (25 US cents) per share for 2021, versus CNY1.86 a year earlier, Yicai Global learned from the Shenzhen-based firm’s dividend plan released on its internal forum website late last month. At the end of 2020, there were 20 billion shares in the company.

Revenue may have slumped 29 percent to CNY634 billion (USD100 billion) last year from 2020, according to an estimate Huawei released on its website. Its actual financial performance will not be disclosed until late next month or early April.

Huawei has an employee stock ownership plan which is run through its labor union, covering more than 121,000 staffers. Founder Ren Zhengfei has just a 0.9 percent stake in the firm.

Together with wages and bonuses, dividends are an important source of income for Huawei’s staff. It spent CNY139 billion on wages and other benefits in 2020, representing an average CNY700,000 (USD110,000) per shareholding employee.

Editor: Futura Costaglione