Charity receives massive donation
By Lydia Chen |
April 14, 2011, Thursday
|
Print Edition
Print Edition
PHILANTHROPIST Cao Dewang has donated a total of 300 million shares of Shanghai-listed Fuyao Glass Industry Group Co to a charity foundation he established two years ago.
The shares are equivalent to almost 3.6 billion yuan (US$551 million) according to Fuyao Glass's closing stock price of 11.85 yuan per share yesterday.
Cao said it's a new way of helping others in China.
The donation from Sanyi Development Co and Yaohua Industrial Village Co, two firms controlled by Cao's family, was the first step of 590 million shares Cao had pledged in 2009 to donate to Heren Charity Foundation.
Fuyao Glass said Heren, a foundation that aims to help the poor, build infrastructure in rural areas and fight diseases, will control 14.98 percent of Fuyao Glass's shares. The share transfer will make the foundation the first one on the Chinese mainland to rely on company shares to fund daily operations.
Sanyi will remain the biggest shareholder of Fuyao Glass, an auto-glass maker, with 390 million shares, according to the statement. Yaohua Industrial Village will no longer have a stake in the Fujian-based company after donating all its 240 million restricted shares to the charity.
Heren told Shanghai Securities News it may sell some Fuyao Glass shares in the next 12 months.
The foundation, which went into operation last year after gaining approval from the authorities, has 19 board members. They include Cao, his family members and Zhou Qinye, deputy general manager of Shanghai Stock Exchange.
In a statement issued by Fuyao Glass on March 4, 2009, the company said Cao intended to donate 29.5 percent of Fuyao Glass shares to charity.
Cao donated 200 million yuan to the China Foundation for Poverty Alleviation last year - the biggest single private donation on the mainland.
But he set strict conditions for the charity fund. The foundation was required to distribute the money to nearly 100,000 farmers in five provinces within six months. The administrative fee charged by the foundation was limited to 3 percent of the donation.
The Fuyao chairman was ranked the 19th richest person on the Chinese mainland by the Forbes magazine in 2007.
The shares are equivalent to almost 3.6 billion yuan (US$551 million) according to Fuyao Glass's closing stock price of 11.85 yuan per share yesterday.
Cao said it's a new way of helping others in China.
The donation from Sanyi Development Co and Yaohua Industrial Village Co, two firms controlled by Cao's family, was the first step of 590 million shares Cao had pledged in 2009 to donate to Heren Charity Foundation.
Fuyao Glass said Heren, a foundation that aims to help the poor, build infrastructure in rural areas and fight diseases, will control 14.98 percent of Fuyao Glass's shares. The share transfer will make the foundation the first one on the Chinese mainland to rely on company shares to fund daily operations.
Sanyi will remain the biggest shareholder of Fuyao Glass, an auto-glass maker, with 390 million shares, according to the statement. Yaohua Industrial Village will no longer have a stake in the Fujian-based company after donating all its 240 million restricted shares to the charity.
Heren told Shanghai Securities News it may sell some Fuyao Glass shares in the next 12 months.
The foundation, which went into operation last year after gaining approval from the authorities, has 19 board members. They include Cao, his family members and Zhou Qinye, deputy general manager of Shanghai Stock Exchange.
In a statement issued by Fuyao Glass on March 4, 2009, the company said Cao intended to donate 29.5 percent of Fuyao Glass shares to charity.
Cao donated 200 million yuan to the China Foundation for Poverty Alleviation last year - the biggest single private donation on the mainland.
But he set strict conditions for the charity fund. The foundation was required to distribute the money to nearly 100,000 farmers in five provinces within six months. The administrative fee charged by the foundation was limited to 3 percent of the donation.
The Fuyao chairman was ranked the 19th richest person on the Chinese mainland by the Forbes magazine in 2007.
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