Tencent Injects CNY 20 Million to Set up Charity Foundation – A First for a Domestic Internet Enterprise
Shenzhen September 4 2006 – Recently Tencent China's leading Internet information and value-added services provider officially submitted its application to the Ministry of Civil Affairs to set up the Tencent Charity Foundation. According to sources the organization will be a nationwide non-public foundation operating under the regulation of civil affairs authorities. In the first phase Tencent will inject more than CNY 20 million for the project's startup. In the future Tencent will set aside a certain amount from the company's profits each year as a continuous injection of capital into the foundation. This is the first time a Chinese Internet enterprise contributes to charity and society through such a foundation.
According to the company the Tencent Charity Foundation will be dedicated to charitable relief and social charitable activities such as disaster relief poverty alleviation and helping needy groups within society. The foundation will also capitalize on the influence of Tencent and QQ brands among children and teenagers to provide assistance to youth education and healthy development.
To support the foundation's establishment Tencent has set up an organization of volunteers from the company to mobilize employees to take part in activities such as poverty alleviation and helping the needy and help foster a corporate social responsibility culture within the company. As China's largest provider of IM services and Internet value added services with a registered capital of CNY 540 million Tencent has been actively participating in various social welfare-related activities including environmental and cultural heritage protection education poverty alleviation and disaster relief. Recently Tencent cooperated with the Hunan Office of Disaster Relief Donation in providing aid in the disasters caused by a violent tropical storm in the southern part of the province. The two parties actively raised funds online generating a great deal of awareness for this cause among Internet users.
According to Tencent Chairman and CEO Ma Huateng Tencent's vision is to become the most respected Internet enterprise. The establishment of this charitable foundation demonstrates Tencent's confidence and ability to take on more social responsibility. Tencent expects to give back to society make itself an example to other enterprises and promote the harmonious development of society via the company's participation in activities for the public good. Related sociologists said this is the first charitable foundation in China set up by a domestic Internet enterprise and this sets a positive example for the entire Internet industry and society. The Tencent Charity Foundation signals a new level of social responsibility within the Internet industry and a willingness to make better use of the Internet platform in assisting social charity projects. Furthermore this endeavour will help build social awareness for groups in need contribute to the social development of youth and ultimately help foster a social relief system in China actively financed by enterprises and engaging citizens in a mass way.