I think you might be right, but I don't think you understand the words you are using
What you describe are still shares in the company. They are non-voting, non-dividend shares, but they are still shares. At the end of the day such shares would be exactly the same as a contract clause saying that an individual will be paid some amount if the company is sold or merged, but would involve a lot more paperwork. It's simpler for everyone concerned if this payment is done through employment contracts rather that shareholding.
In (tech) startups, issuing shares is routinely used as a tool to retain staff (which works while the market cap is rising) and to save cash for re-investment (forcing employees to invest in their employer). The reward to the business is greater than the extra costs at the point of sale.
I don't think Xia has built his empire by making things harder for himself unnecessarily. I don't see that he needs to give away shares, so I don't think he will. I work for a billion pound turnover company and to the best of my knowledge none of the directors have shares.