www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Top Biz News

Chen spreads a Buffett

By Zhang Ran (China Daily)
Updated: 2009-10-21 08:26

Chen spreads a Buffett

Chen Fashu, regarded by many as China's Warren Buffett, yesterday announced that he would donate 45 percent of his personal assets, worth 8.3 billion yuan ($1.17 billion), to set up a charity modeled on the lines of the Bill and Melinda Gates Foundation.

The Newhuadu Philanthropic Foundation, once set up, is expected to be the largest civil charity foundation ever established in the country.

Chen, 48, a Fujian-born businessman who made his first million by selling groceries in his hometown during the 80s, later became a billionaire by investing in stocks on the A and H share markets.

He is currently the president of Fuzhou-based Newhuadu Industrial Group, and is ranked No 15 on Hurun's latest rich list with a personal wealth of 25 billion yuan.

The assets to be transferred to the charity will mainly include stakes that Chen owns in publicly traded companies such as Tsingtao Beer, Yunnan Baiyao Group, and some stock from his own Newhuadu Industrial Group. These will altogether account for 45 percent of his total assets according to current market value, Chen said at a media briefing in Beijing yesterday.

Chen will be the chairman, while Tang Jun, the president and CEO of Newhuadu Industrial Group, will be the managing director of the foundation.

"The charity will be modeled on the Bill & Melinda Gates Foundation. An independent team will be in charge of the operation of the foundation," Tang said. It may later seek a management tie-up with the Bill & Melinda Gates Foundation, he said.

The first batch of funding from the foundation, worth 10 million yuan, was donated to primary schools in poverty-stricken areas and poor university students yesterday.

Chen's fortune comes mainly from the Fujian-based Zijin Mining, a leading gold miner in China. His wealth expanded from 48 million yuan to 20 billion yuan when the gold mining company went public on the Shanghai bourse in 2008 and later at Hong Kong in 2009.

Chen was the second largest stakeholder of Zijin Mining before he sold around 50 percent of his holdings between May and July to buy H shares of Tsingtao Brewery Co Ltd. He is now the second largest shareholder of Shanghai-listed Yunnan Baiyao Group and the third largest shareholder of Hong Kong-listed Tsingtao Brewery Co Ltd.

However, the sale of Zijin Mining shares allegedly thrust Chen into a "tax evasion" scandal. The Beijing-based Securities Daily reported in September that the State Administration of Taxation was investigating Chen and his company for tax fraud in the Zijin Mining share sale. The report said that Chen had sold around 3 billion yuan worth of Zijin Mining shares, for which he would have to pay at least 1 billion yuan in taxes.

Individual investors who trade shares on the stock market do not pay capital investment income tax in China currently. However, experts, including Sun Gang, a researcher from the Research Institute for Fiscal Science, and Zhang Bing, a researcher from the Chinese Academy of Social Sciences, both said that individual investors who sell shares they bought before the companies went public should pay tax.

"But currently, there is no specific regulation on such taxation in China," Zhang said.

Related readings:
Chen spreads a Buffett Chinese tycoon's charity foundation focuses on education
Chen spreads a Buffett Huiyuan joins One Foundation as a partner in education efforts
Chen spreads a Buffett Yao Ming Foundation to help rebuild schools in Sichuan
Chen spreads a Buffett With Jet Li-One Foundation charity

Chen's setting up of the Newhuadu Philanthropic Foundation was widely speculated as a measure to save himself from the tax fraud accusation.

Chen, however, said yesterday that he had been toying with the idea for two years and had spent over a year to set it up. The Ministry of Civil Affairs approved the foundation on Sept 30, Chen said.

Chen has not been the first billionaire to initiate a philanthropic foundation in China. Cao Dewang, chairman of another Fujian-based company Fuyao Group, said earlier that he planned to donate 70 percent of shares his family owns in the company to set up a 4-billion yuan foundation. However, Cao later gave up on the idea, as regulations do not permit a major shareholder of a company from transferring his shares.

 

主站蜘蛛池模板: 伊人55影院| 亚洲欧美男人天堂 | 国产精品成人影院 | 国产成年 | 久久国产精品久久国产精品 | 7799国产精品久久久久99 | 国产在线观看高清精品 | 亚洲高清免费在线观看 | 91精品国产一区二区三区四区 | 美女视频黄a | 成人精品一区二区不卡视频 | 成人影院久久久久久影院 | 欧美色偷偷 | 欧美精品一区视频 | 国产成版人视频网站免费下 | 可以免费看黄的网站 | 草草在线影院 | 一 级 黄 色 片生活片 | 一级片大全| 热99re久久精品2久久久 | 国产一二三区精品 | a毛片免费全部播放完整成 a毛片免费全部在线播放毛 | 亚洲欧洲日产国码二区在线 | 久久成 | 久久99精品久久久久久久野外 | 国产欧美一级片 | 日韩免费一级a毛片在线播放一级 | 成年女人免费又黄又爽视频 | 久久国产一区二区三区 | 国产真真人女人特级毛片 | 亚洲免费播放 | 亚州视频一区 | 美女张腿男人桶免费视频 | 免费国产成人高清在线看软件 | 中文字幕亚洲一区二区三区 | 久久人人草 | 国产不卡精品一区二区三区 | 日韩一级一片 | xxx本日| 免费国产成人高清在线观看视频 | 欧美大片欧美毛片大片 |