The boss of a Chinese smartphone company receives a bonus of £ 730 million

The founder of Chinese smartphone giant Xiaomi has been awarded £ 735 million for eight years of "dedication" to society.

Xiaomi said Lei Jun was considering returning the money to "charitable purposes" once the taxes were deducted.

It is believed that it is one of the largest corporate payments and comes after the Beijing-based company announced an annual profit of 980 million pounds, the BBC reported.

Xiaomi announced that Lei Jun (photo) was considering paying this amount for "charitable purposes" once the taxes were deducted

The company is the world's fourth-largest maker of smartphones, behind Samsung, Apple and Huawei.

It was co-founded nine years ago by Lei and six partners and was launched for the first time in the UK in November.

His transfer of shares is in addition to other payments made by the company to the founder, including a salary and dividends, for which an exact amount has not been made public.

In addition to selling phones, the company also manufactures electric scooters and tracking bracelets.

Xiaomi Senior Vice President Xiang Wang Introduces New Xiaomi Mi 9 Mobile Phone Prior to World Mobile Congress

The handset has been called the Mi MIX 3 5G and it has a full-screen display as well as a sliding camera and many existing features of earlier versions

Earlier this year, Xiaomi unveiled its 5G smartphone with the goal of becoming the first manufacturer to offer ultra-fast internet functionality.

The new smartphone has an amazing 48 megapixel sliding camera and will be available to customers in May at a price of 599 €.

The handset has been called the Mi MIX 3 5G and it has a full screen display, as well as many existing features of earlier versions.

It takes over the existing Mi MIX 3 and integrates 5G capacity using Qualcomm's Snapdragon 855 processor and its 5G X50 modem.

The 5G is expected to be launched in 2020 and will be up to 1,000 times faster than the 4G currently in use.