Philanthropy
China Tech Billionaires Ramp Up Donations as Beijing Cracks Down
Photographer: Tomohiro Ohsumi/Bloomberg
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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 $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 Ltd.’s Zhang Yiming gave away parts of their fortune to charitable causes last month.