Su Hua, chairman of Kuaishou Technology, a Chinese company, and his family sold $483 million worth of stocks to donate to charities and support cutting-edge technologies.

(Reuters)

[Financial Channel/Comprehensive Report] Douyin parent company Bytedance competitor, Su Hua, chairman of Kuaishou Technology, sold shares with a market value of 483 million US dollars (approximately NT$14.7 billion) for charitable donations and funding other causes.

The outside world believes that Su Hua's joining the ranks of common prosperity is undoubtedly a show of loyalty to Xi Jinping.

The "Wall Street Journal" reported that since the end of 2020, when China began to rectify large private companies, many well-known founders of Chinese listed technology companies have successively made "huge contributions" to charity.

Liu Qiangdong, founder of e-commerce giant JD.com, has donated billions of dollars worth of stock in the company to charity; Wang Xing, founder of Chinese food delivery company Meituan; Lots of stock.

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The latest to join the ranks of Xi Jinping’s common prosperity is Su Hua, the chairman of Kuaishou. According to the exchange announcement, a company owned by Su Hua and his family sold about 1.3% of Kuaishou’s shares through an over-the-counter block transaction on the 18th, with a market value of about 483 million. Dollar.

After selling these shares, Su Hua and his family still hold about 9.9% of Kuaishou shares and about 38% of voting rights.

Kuaishou explained that part of the proceeds from the sale of shares will be donated to a foundation established entirely for public welfare purposes, and other funds will be used for a trust that supports cutting-edge technology and related infrastructure development.

After Kuaishou disclosed the news of Su Hua's stock sale, Kuaishou's stock price plummeted 6%.

In this regard, Steve Chow, an analyst at ABC International, believes that China's regulation of Internet companies is gradually improving, and Suhua's intention to sell shares and charitable donations will be positively evaluated by the Chinese government, which may be beneficial to Kuaishou.

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