China has been tightening regulations on tech companies, in parallel with concerned about inequality, with President Xi Jinping recently saying"common prosperity” should be the ultimate goal. – Xinhua via AP
In the latest example, Xiaomi Corp. co-founder Lei Jun handed over US$2.2bill 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.
It’s a new era for the country’s billionaires as China tightens regulations in areas from financial services and internet platforms to data security and overseas listings. "It’s likely much more than coincidence that China’s tech billionaires have begun to evince a strong charitable urge,” said Brock Silvers, chief investment officer at Hong Kong-based private equity firm Kaiyuan Capital."It could stem from deep patriotic feelings or Buddhist inclinations, but it appears to be strongly correlated to Beijing’s recent regulatory crackdowns.”
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