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Chinese billionaire founders of the biggest technology companies are stepping up their philanthropic efforts amid growing scrutiny from Beijing regulators, Bloomberg reports.
For example, Xiaomi co-founder Lei Jun donated $2.2 billion worth of the smartphone maker's shares to two charities in July, according to filings with the Hong Kong Stock Exchange. In June, Wang Xing of Meituan ($2.3 billion in shares in the food delivery service) and Zhang Yimin of ByteDance ($77.3 million) donated some of their wealth.
Wang, the founder of Meituan, made the donation immediately after the Chinese antitrust agency announced it was investigating the company and the billionaire published a classic poem online that some saw as a veiled criticism of Beijing.
ByteDance founder Zhang, the fourth richest man in China with a capital of $44.5 billion, donated more than $77 million to an education foundation in his hometown. In April, Tencent Holdings became the second richest company with $56.7 billion. Its founder Pony Ma pledged $7.7 billion of the company's funds to address social problems and rural poverty.
source: bloomberg.com
For example, Xiaomi co-founder Lei Jun donated $2.2 billion worth of the smartphone maker's shares to two charities in July, according to filings with the Hong Kong Stock Exchange. In June, Wang Xing of Meituan ($2.3 billion in shares in the food delivery service) and Zhang Yimin of ByteDance ($77.3 million) donated some of their wealth.
Wang, the founder of Meituan, made the donation immediately after the Chinese antitrust agency announced it was investigating the company and the billionaire published a classic poem online that some saw as a veiled criticism of Beijing.
ByteDance founder Zhang, the fourth richest man in China with a capital of $44.5 billion, donated more than $77 million to an education foundation in his hometown. In April, Tencent Holdings became the second richest company with $56.7 billion. Its founder Pony Ma pledged $7.7 billion of the company's funds to address social problems and rural poverty.
source: bloomberg.com
