The professionally managed fund will support healthcare, education and environment protection
Ma Huateng, chief executive officer and chairman of the board of Tencent Holdings Ltd, announced on Monday a plan to donate 100 million shares in the Hong Kong-listed internet giant to a charity fund.
The fund, which is to be set up and managed by a team of professionals, aims to support healthcare, education, environmental protection and other philanthropic efforts in the Chinese mainland, as well as innovation projects related to cutting-edge technologies and basic sciences research globally.
"After 10 years of exploration and participation in philanthropic activities, I increasingly feel a better way to continue giving back to the society is to do it over a longer term and in a more organized way," said Ma.
"Getting a professional team to oversee these projects will also increase the efficiency of management. I can put my energy into focusing on driving Tencent's strategies and enhancing product experience, as well as leading the overall direction of my philanthropic work," he said.
The charity fund will provide financial support to charitable and philanthropic projects or organizations pursuing similar causes. It also plans to establish a sister foundation, primarily to oversee project implementation in the mainland, according to a statement by the Shenzhen-based internet company.
Tencent's share price closed at HK$161.9 ($20.87) on Wednesday. Ma owned an 8.82 percent stake of Tencent as of April 14.
As a core founder of Tencent, Ma led the establishment of the Tencent Foundation in 2007. The foundation was the first founded by an internet firm in China and has since grown to become one of the largest of its kind through collaborative projects with other charitable organizations.
Over the years, Ma has been actively involved in charitable and philanthropic projects, particularly in the areas of medical care for children, disaster relief and environmental protection.
mengjing@chinadaily.com.cn
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A volunteer of the Tencent Foundation teaches a rural resident of the Dong ethnic group from Liping county, Guizhou province, how to surf the mobile internet via a smartphone. Tao Qi / For China Daily |
(China Daily 04/21/2016 page18)
