China’s Pony Ma Donates $2 Billion to Charity
Beijing: The founder of China’s Internet giant Tencent will donate $2 billion in shares to charity, the company said — one of the largest gifts ever given in a country whose new super-rich have no tradition of philanthropy.
Pony Ma, Tencent’s chief executive, will give the shares to a new foundation for mainland projects in health, education and environmental conservation, among other issues, his company said.
PonyMaisthe34thrichestmanin the world with a net worth of $20.2 billion, according to Bloomberg’s ranking.
China’s top businessmen fall far behindtheirwesterncounterparts in corporate social responsibility.
In 2014, Jack Ma and Joe Tsai, co-founders of rival Internet behemoth Alibaba, pledged to establish a philanthropic trust funded with shares in the company estimated to be worth $3 billion at the time.
But the country’s most generous donor last year was He Xiangjian, founder of applia nce maker Midea, who gave 400 million yuan ($61.7 million), according to data compiled by Harvard University’s Kennedy School of Government. “In China, both donors and recipients have to pay taxes on donations. Many entrepreneurs find it hard to find a qualified charitable trust to manage the donations,” the state-run Global Times on Thursday quoted Song Houliang, chief editor of China Philanthropist magazine, as saying.