China’s second-richest tech boss vows to donate shares worth $2.1b to charity

Tencent CEO Ma “Pony” Huateng started up China’s social media and gaming giant in 1998. It’s now best known for the WeChat messaging app, which has just over 700 million monthly active users. Photo credit: GMIC blog.

China’s second richest tech boss today vowed to donate 100 million shares in his company to a new charitable fund he’s establishing.

Ma “Pony” Huateng, founder and CEO of Tencent, now best known as the maker of WeChat, owns 833 million shares in the firm he created in 1998. The 100 million shares donated are worth US$2.14 billion at Tencent’s share price on close of trading Monday.

With a personal fortune of US$17.6 billion, Ma is China’s third-richest person – and the second-richest tech boss. Only Alibaba’s Jack Ma has more moolah. China’s wealthiest man at present is real estate mogul Wang Jianlin.

Pony ponies up

“After 10 years of exploration and participation in philanthropic activities, I increasingly feel a better way to continue giving back to the society is to do it over a longer term and in a more organized way,” Ma said today in a statement. “Getting a professional team to oversee these projects will also increase the efficiency of management.”

He’s taking a similar philanthropical approach to Mark Zuckerberg.

The money – to be donated over an unspecified period of time – will go towards projects focused on “healthcare, education, environmental protection and other philanthropic efforts in mainland China,” the company said. In addition, some of it will go to “innovation projects relating to cutting-edge technologies and basic sciences research globally.”

The donated sum may rise or fall depending on the fortune of Tencent’s stock. The Shenzhen headquartered tech giant is listed on the Hong Kong Stock Exchange. Its stock has risen 55 percent in the past year.

The Tencent boss is taking a similar philanthropical approach to Facebook’s Mark Zuckerberg, who created a fund as a private company in December that will benefit from 99 percent of the Facebook shares he owns.

Alibaba co-founders Jack Ma and Joe Tsai last year established a charitable fund.