Discover the philanthropist entrepreneurs in China
Chinese CEO’s are turning into real philanthropists. According to Harvard.edu, TOP 100 China’s greatest donors have contributed in 2015 for 0,03% of China’s GDP, donated more than 3,8 billion USD and most of them decided to invest in Education or Environment. Also, most of them gave back to their hometown and have in average 54 years old. The most generous entrepreneur in China is He Xiangjian, founder of Midea Group, a household appliance company with a donation of 400 million USD over the year.
In 2014, Jack Ma, co-founder of Alibaba, 29th richest person worldwide, second in China, as well as his partner Joe Tsai, started the philanthropic trend in the Chinese IT industry by creating trust funds with option shares which account for about 2% of the actual total of Alibaba’s equity. M. Ma has been an active player in the charity scene in China since 2009 when he took part in some of his friends’ charities (Jet Li).
His trust fund mainly focuses on projects involving the environment (water issues) health, education, and culture. The creation of non-governmental organisations in China only started a couple of years ago mainly because of the Chinese government strict rules, unwilling to share more power with individuals and corporations. It’s very common in China to see NGO not being “officially” charities but business companies. Actually, even some NGO’s in China are run like normal businesses.
To follow their footsteps, other Chinese wealthy entrepreneurs decided to give it a go. Early last month, in April 2016, Ma “Pony” Huanteng decided to help the Chinese population by opening a trust fund dedicated to charity. His donation equals to 100 million shares from his company.
Ma “Pony” Huanteng is the CEO of the Chinese group Tencent. A social media giant in China, creator of QQ Tencent a couple of years ago and of the now well-known WeChat (Weixin in Chinese). He is a net worth of 19 billion USD, is 44 years old and graduated from Shenzhen University. He is now the third richest man in China. Tencent is a high-tech group offering several services in the IT, The Internet and social media industry. The company’s value has, since 2015, exceeded 200 billion USD.
As of today, M. Ma owns 833 million shares of Tencent. The focus of the new organisation would be education, environment, education and other fields, which needs support.
To conclude, we can see that China is not only growing economically but is also being more open minded. Another good example of philanthropy in the digital industry overseas is Mark Zuckerberg and his wife, who decided to offer 99% of their Facebook shares.