​Chinese businessman pledges billions to his charity foundation

One of China’s richest men has pledged a $2 billion donation to charity.

Pony Ma, the chairman of one of China’s largest internet companies, will join the ranks of the world’s biggest philanthropists.

He is to cash in 100 million company shares to make the donation to his Tencent Foundation, which gives money to healthcare, education and environmental protection in China.

Ma’s company operates QQ and WeChat, two of China’s largest online and mobile chatting applications.

The group is said to be worth $185bn and owns entertainment and online gaming businesses, as well as a bank and other financial services.

Ma has a net worth of about $20bn, according to Forbes.

He said: “After 10 years of exploration and participation in philanthropic activities, I increasingly feel a better way to continue giving back to the society is to do it over a longer term and in a more organised way.”

Philanthropy in China is still new to the country’s emerging business class. One of China’s best-known philanthropists, Chen Guangbiao, who attempted to buy the New York Times in 2014, has been accused of using charity acts as publicity stunts.

In December, Facebook founder Mark Zuckerberg said he would donate 99% of his and his wife’s Facebook shares, worth about $45bn, to philanthropic causes.

And Bill Gates, co-founder of Microsoft, has donated tens of billions of dollars to the Bill and Melinda Gates Foundation.