Biz News Flash

Glassmaker fights poverty with shares

(China Daily)
Updated: 2011-05-16 15:08

China's first stock-financed charity foundation was set up by glass-making tycoon Cao Dewang as an effort to fight poverty in the country, Cnr.cn reported.

Cao donated 300 million shares of his company, Fuyao Group, to set up the Heren Foundation, which is named after Cao's late father. With the shares fetching a market value of about 3.67 billion yuan, the foundation is the largest charity fund in the country.

According to the report, the money will be mainly used to provide financial support in education, healthcare and poverty alleviation projects in the country's impoverished regions.

China Daily - Agencies