The founder of food-delivery company Meituan has donated shares worth more than $2 billion to his own philanthropic foundation amid heightened scrutiny of China's tech sector
The founder of China’s Meituan has donated shares in the food-delivery giant worth more than $2 billion to his own philanthropic foundation, amid heightened scrutiny of the country’s tech sector.
Billionaire Wang Xing, who is also the company’s chief executive, transferred about 57.3 million shares to his foundation, stock-exchange filings late Thursday showed. Based on that day’s closing stock price of 307.40 Hong Kong dollars, or the equivalent of about $39.62, the donation was valued at about $2.3 billion.
The company and other Chinese tech giants have come under pressure from Chinese regulators, who are pushing the firms to compete fairly and to protect the interests of consumers and other stakeholders.
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