Tencent’s Ma dangles billions in aid as antitrust scrutiny grows

A file photo of Ma at the World Artificial Intelligence Conference in Shanghai, China. The billionaire CEO pledged to set aside 50bil yuan (RM31.68bil) for a ‘sustainable social values’ programme, in what would be one of China’s largest corporate charity initiatives. — Reuters

Tencent Holdings Ltd founder Pony Ma pledged US$7.7bil (RM31.75bil) toward curing societal ills and lifting China’s countryside out of poverty, echoing Xi Jinping’s priorities at a time Beijing is tightening its grip on internet giants.

The billionaire chief executive officer on Monday pledged to set aside 50bil yuan (RM31.68bil) for a “sustainable social values” programme, in what would be one of China’s largest corporate charity initiatives. Tencent promised to tackle a plethora of issues from renewable energy and scientific education to health care and rural revitalisation – a centerpiece of Xi’s over-arching policy framework. The gaming and social media giant intends to fold its existing foundation and philanthropic activity into a new unit to oversee the initiative, which also encompasses carbon neutrality, the provision of food, water and energy, and general public welfare.