Alibaba Group Holding Ltd. committed 100 billion yuan ($15.5 billion) over five years towards Xi Jinping’s “common prosperity” vision, according to a report by Bloomberg on Thursday.
- China’s second-largest company will invest the funds in 10 initiatives comprising technology investment and support for small firms.
- Alibaba becomes part of a list of growing companies promising to give back after the accumulation of huge amounts of wealth during a decade-long mobile internet boom.
- Pinduoduo Inc. promised its next $1.5 billion in returns to farmer’s welfare, while Tencent Holdings Ltd stated it will double the amount of money it allocates for social responsibility programs to around $15B.
- Tech billionaires join China’s tech companies, including PDD’s Colin Huang, ByteDance Ltd’s Zhang Yiming, and Xiaomi Corp.’s Lei Juan, in investing vast sums of money in community initiatives.
The donations coincided with a period of increased scrutiny over the growing influence and power of China’s largest corporations, which received a $2.8 billion fine for abuse of its market dominance. AIibaba up +3.51%, PDD up +6.81%, CSI 300 Index down -0.00097%