(Yicai) May 8 -- Li Ge, chief of pharmaceutical giant WuXi AppTec, was the highest-paid chairperson among China’s A-share listed companies last year, with a pre-tax annual salary of CNY41.8 million (USD5.8 million), based on data from Wind Information.

Following Li Ge, the top earners include Li Xiting, chairman of medical equipment manufacturer Mindray Bio-Medical Electronics, with CNY24.9 million, and John Oyler, co-founder and chief executive of oncology firm BeiGene, with CNY20.2 million.

Among more than 4,230 mainland-listed Chinese companies, 13 chairmen earned over CNY10 million in annual compensation last year. These top earners were mainly from the pharmaceutical, electronics, and home appliance industries. Altogether, listed companies paid a total of CNY5.8 billion (USD801 million) to their chairpersons.

However, the majority of chairpersons received more modest salaries. About one-third earned between CNY1 million and CNY2 million (USD138,400 to USD276,800), while nearly 2,140 individuals earned less than CNY1 million. Additionally, almost 390 chairpersons earned under CNY400,000 (USD55,360).

The number of executives in the high-income bracket has declined as China’s economic slowdown has caused operational difficulties to many listed companies. In 2023, only 16 chairmen earned more than CNY10 million, down from 27 in 2022.

Several firms have announced executive pay cuts to align with shareholders and boost investor confidence. Based on available data from 2023 and early 2024, around 37 percent of nearly 3,770 chairpersons saw their salaries decline last year, while nearly 53 percent received raises.

Voluntary pay reductions were often linked to deteriorating corporate performance. Several chairmen who previously earned over CNY10 million took substantial cuts. For instance, Zhong Baoshen, chairman of solar leader Longi Green Energy Technology, saw his pay plunge 92 percent year-on-year to CNY900,000. Similarly, Wang Aijun, head of condiment maker Meihua Holdings Group, earned CNY2 million in 2024—a decrease of 84 percent.

Industries with the lowest average chairperson salaries last year included construction, environmental protection, and defense, all with average pay below CNY1 million. In contrast, media and electronics posted higher salary growth, while sectors such as non-bank finance, beauty care, and real estate experienced sharper declines.

Editor: Emmi Laine