SHANGHAI – The founder of China’s Tencent Holdings Ltd, Pony Ma, said he plans to donate 100 million company shares worth more than US$2 billion to the firm’s charity foundation.
Ma, one of China’s richest, with an estimated fortune of US$18,8 billion, said the donation would go towards supporting medical, educational and environmental causes in China.
Hong Kong listed shares in Tencent, China’s largest social network and online entertainment firm, closed up 0,24% at
HK$165,70 on Monday, making the donation worth about US$2,1 billion.
‘After 10 years of exploration and participation in philanthropic activities, I increasingly feel that there is a need for a more longer term, efficient and organised way to give back to society,’ he said in a statement on Monday.
The Tencent Foundation was established in 2007 and cooperates with other charity organisations, the company said.
An October survey of China’s super rich found China has overtaken the United States as the country with the most billionaires.
Ma’s large donation is unu sual in a country where phi lanthropy has yet to take off.
Microsoft co founder Bill Gates and fellow billionaire Warren Buffett made headlines in 2010 when they asked 50 of China’s richest people to a philanthropy dinner. A third turned the invitation down, reportedly due to fears they would be pressed to donate money.
