Kuaishou Chairman Reduces Shares for Charity and Cutting-Edge Technology

Su Hua, Chairman of Chinese quick video streaming platform Kuaishou, lowered his holdings of 54,713,783 Class B firm shares after the buying and selling session on January 18. Kuaishou responded that the proceeds shall be used for charitable donations, cutting-edge scientific and technological exploration and infrastructure funding.

Su nonetheless holds 9.87% of the shares of Kuaishou, 38.08% of voting rights, and stays its controlling shareholder. The agency stated that the sale wouldn’t have any opposed impacts on the traditional operation of the corporate.

In latest years, founders of many Chinese web giants have been eager to interact in public welfare, together with smartphone maker Xiaomi, e-commerce platforms Pinduoduo and JD.com and others.

On March 17, 2021, Huang Zheng, the founding father of Pinduoduo, introduced that he would now not function the chairman, and would give attention to fundamental analysis within the fields of meals science and life science, in order to discover a brand new house for the agency’s high-speed, high-quality and in-depth improvement 10 years later.

In July 2021, Xiaomi introduced that agency chairman Lei Jun had donated about 616 million Class B shares of Xiaomi to 2 charities – the Xiaomi Foundation and the Lei Jun Foundation – all of which have been used for charitable functions. In the identical month, Lei introduced that Xiaomi had donated 500 million yuan ($73,795,291) to arrange a joint fund of Beijing Natural Science Foundation and Xiaomi for innovation.

In February 2022, Richard Liu, Chairman and CEO of JD.com, donated 62,376,643 Class B peculiar shares to third-party foundations for charitable functions. Based on the inventory worth at the moment, the worth of shares donated by Liu exceeded $2.34 billion. JD.com stated that the donation was primarily used for social welfare undertakings resembling schooling and environmental safety, which Liu has lengthy been involved about.

In June 2017, Liu donated 300 million yuan to Renmin University to arrange a fund, then in April 2018, 200 million yuan was donated to Tsinghua University to assist the development and improvement of the Schwarzman College and Center for Global Competence Development.

SEE ALSO: Kuaishou CTO Chen Dingjia Resigns

In the previous six months, personnel changes at Kuaishou have been steady. Looking on the 4 personnel changes final 12 months, Kuaishou is adjusting enterprise segments associated to commercialization in an virtually progressive means. A administration committee composed of core senior administration groups has been arrange, the construction of business ecological building was adjusted, and native life enterprise groups have been built-in. The particular enterprise departments in commercialization have been adjusted. Through a collection of changes, the spotlight remains to be e-commerce and companies with good liquidity.

Sign up at present for 5 free articles month-to-month!