According to Yahoo News, Lei Jun, the billionaire co-founder of Chinese smartphone maker Xiaomi Corp., has made a record cash donation of 1.3 billion yuan ($182 million) to his alma mater, Wuhan University. This is the largest ever cash donation to a Chinese university from an alumnus, according to the institution's official Weibo account. The funds will be used to support computer science innovations, student development, and research on six fundamental disciplines.
Donations from wealthy Chinese individuals have increased significantly in recent years, as President Xi Jinping pushes for 'common prosperity' to close the wealth gap. In July 2021, Lei transferred $2.2 billion worth of Xiaomi shares to the Xiaomi Foundation and the Lei Jun Foundation. Lei, who is now worth $14.3 billion based on his stakes in tech firms including Xiaomi and Kingsoft, graduated from Wuhan University in 1991 with a bachelor's degree in computer science before starting his career in technology. Last week, Xiaomi reported its first revenue gain in almost two years as it expands aggressively into higher-end models at home and abroad.
Xu Lin