Chinese e-commerce giant Alibaba’s co-founder Jack Ma is planning to launch a philanthropic trusts aimed primarily at health care and the environment.
The trusts funded by share options that represent about 2% of the company’s current equity, the Wall Street Journal reported.
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The latest development comes ahead of probable 2014 IPO of Alibaba in New York, that could value the company nearly US$150 billion. That would value the trusts at roughly US$3 billion.
The trusts would also work towards education and culture, operating alongside the company’s existing foundation, which claims nearly 0.3% of Alibaba’s annual revenue.
In an interview with The Wall Street Journal, Ma stated that he intends to further the financial support to the trust over time.
Ma added that he would use the immense customer base of Alibaba to popularize causes.
The move is said to be a part of latest regime that is witnessing Chinese billionaires pouring in their fortunes to address serious social and environmental issues in the country.
Ma said that he wants to collaborate with government to alter its policies.
