One of China’s wealthiest individuals is using his personal fortune to create of one of Asia’s largest philanthropic trusts, reports The Wall Street Journal.
Jack Ma, the co-founder of Chinese e-commerce giant Alibaba, has set up a trust funded by share options that represent about 2 per cent of the company’s equity.
Alibaba did not release the trust’s value, but the move anticipates an initial public offering in New York this year that could potentially value Alibaba upwards to $150-billion. That would put the value of the trust at $3 billion.
Experts say it is by far the largest endowment of its kind in China and could rival one named after Hong Kong billionaire Li Ka-shing. Mr Ma has said his trust will focus on health care and the environment, with a particular emphasis on water, along with supporting education and culture. In addition, Mr Ma has pledged to commit more of his wealth to the trust over time.
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