China sets up 1st charity fund financed by stocks

Updated: 2011-05-06 15:13


Twitter Facebook Myspace Yahoo! Linkedin Mixx

BEIJING - With a donation of 300 million shares from billionaire Cao Dewang's company, China's first charity foundation financed with stocks was set up on Thursday to step up the country's efforts to fight poverty.

The Heren Foundation, named after Cao's late father, is the largest charity foundation in China, with those shares fetching a market value of 3.55 billion yuan ($538 million).

According to the foundation, the money will be mainly used to provide financial support in education, health care and other projects designed to help the poor in the country's impoverished regions.

While expressing admiration for Cao's deed, Lu Yongxiang, vice chairman of the Standing Committee of the National People's Congress, China's top legislature, called upon people from all walks of life to participate in the country's philanthropy.

Related readings:
China sets up 1st charity fund financed by stocks Fuyao Glass Industry Group Co., Ltd
China sets up 1st charity fund financed by stocks Donation transparency

Lu noted that the country's legislatures are facing new challenges to protect donors' rights, as well as ensure the lawful management and effective use of charity funds.

The foundation is sponsored by the Overseas Chinese Affairs Office of the State Council.

Cao, president of Fuyao Glass Industry Group Co Ltd, based in Fuzhou City, east China's Fujian province, topped the list of 173 philanthropists whose personal donations reached at least 1 million yuan ($ 151,515) last year.

Cao claimed that his donations have amounted to 5 billion yuan since he first began donating money to charities in 1983.


Head on

Chinese household care goods producers eye big cities, once stronghold of multinational players

War of the roses
Learning to close the gap
At the source

European Edition


Bin Laden dead

The world's most wanted man was killed in a US raid in Pakistan.

British Royal Wedding

Full coverage of the royal wedding of Prince William and Kate Middleton in London. Best wishes

The final frontier

Xinjiang is a mysterious land of extremes that never falls to fascinate.

25 years after Chernobyl
Luxury car show
Peking Opera revival