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Home / News / Global Markets

China tech billionaires ramp up donations as Beijing cracks down

Global Markets

China tech billionaires ramp up donations as Beijing cracks down

Bloomberg Published on Mon, Jul 26, 2021 / 9:31 PM GMT+8

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China’s tech tycoons are discovering their charitable side as they come under mounting regulatory scrutiny from Beijing.

In the latest example, Xiaomi Corp co-founder Lei Jun handed over US$2.2 billion of shares in the smartphone maker to two foundations, according to filings to the Hong Kong Stock Exchange. That came after Meituan’s Wang Xing and ByteDance’s Zhang Yiming gave away parts of their fortune to charitable causes last month.

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