Xiaomi Founder Lei Jun Donates $183 Million to Alma Mater Wuhan University in Tech Innovation Push
Updated: Jan 5
Lei Jun, the billionaire co-founder and CEO of smartphone giant Xiaomi, has made a historic donation of 1.3 billion yuan ($183 million) to his alma mater, Wuhan University.
The donation, announced on the university's 130th anniversary, is the largest individual contribution ever made to a Chinese university.
At a signing ceremony attended by Xiaomi executives and university officials, Lei expressed his desire to support the university in tech innovation and talent cultivation. He credited Wuhan University and a book he discovered in its library in 1987 for igniting his entrepreneurial passion.
The fund will be allocated to three key areas: basic research in mathematics, physics, chemistry, literature, history and philosophy; scientific and technological innovation in the field of computer science; and student development.
Lei, who graduated from Wuhan University in 1991 with a degree in computer science, recalled receiving a scholarship of 2,000 yuan during his time as a student. He vowed to repay the support he received by giving back to the university in the future.
Wuhan University is renowned as one of China's top higher education institutions, ranking eighth in the mainland according to the QS World University Rankings. The university's partnership with Lei Jun is expected to further enhance its reputation in the field of technology and innovation.
Lei, with an estimated net worth of $14.3 billion, has become one of China's most prominent tech entrepreneurs. While other industry leaders have maintained a low profile due to government crackdowns on the tech sector, Lei has been outspoken and actively involved in philanthropy.
This significant donation by Lei Jun follows a trend of tech tycoons making substantial contributions in line with President Xi Jinping's "common prosperity" initiative. Philanthropy has become a focus for many prominent figures in the tech industry, including Richard Liu, founder of JD.com and Zhang Yiming, founder of ByteDance.
Meanwhile, Xiaomi has been thriving despite a slump in the smartphone market. The company's focus on diversification, including ventures into electric vehicles, has contributed to its success. Xiaomi recently achieved its first year-on-year revenue growth in six quarters, driven by increased smartphone sales.
Xiaomi founder Lei Jun has donated $183 million to Wuhan University.
The donation aims to support tech innovation and talent cultivation.
The fund will be allocated to basic research, scientific and technological innovation and student development.