China’s tech tycoons are discovering their charitable side as they come under mounting regulatory scrutiny from Beijing. 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. In June, Meituan founder Wang donated a $2.3 billion stake in the food delivery giant to his own philanthropic foundation.

Source: Mint July 19, 2021 02:37 UTC