What’s new: Co-founder and CEO of Chinese smartphone-maker Xiaomi Corp., Lei Jun, has donated 1.3 billion yuan ($183 million) to his alma mater Wuhan University, the school said Wednesday.
The cash donation, made in celebration of the school’s 130th anniversary, has set a record for the largest single donation in the university’s history and the largest individual alumni cash donation ever received by a Chinese mainland university, Wuhan University said in a social media post.
The funds will support the university’s research in six major disciplines of mathematics, physics, chemistry, literature, history and philosophy; foster technological innovation in computer science, and support student development, said the post.
The billionaire entrepreneur, who is turning 54 in December, received a bachelor's degree in computer science from Wuhan University in July 1991 before joining software company Kingsoft Corp. Ltd. in 1992 and becoming its CEO in 1998. Lei founded Xiaomi in April 2010.
The background: Lei is ranked 20th on Forbes’ China rich list with a net worth of $12.8 billion as of Wednesday. His latest gift follows a history of substantial contributions from other Wuhan University alumni and surpasses the previous record set by Taikang Insurance Group Inc. Founder and CEO Chen Dongsheng, who donated 1 billion yuan in 2021.
Hong Kong-listed Xiaomi reported sales of 70.9 billion yuan for the third quarter, its first year-on-year quarterly revenue gain in almost two years, amid signs of a recovery in the global smartphone market. The company, which generates nearly 60% of its revenue from smartphone sales, is ranked No. 3 in global smartphone shipment with a 14.1% market share, according to research firm Canalys.
Contact reporter Kelsey Cheng (kelseycheng@caixin.com)
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