Biggest alumni donation in China’s history for Zhejiang University

1.1 billion yuan, about 160 million US dollars, is being given to China's Zhejiang University (ZJU) by an alumni company.

The money, reportedly the highest alumni donation in China's history, will be made over a ten year period and will be used to set up a special education development fund.

The previous record was set last September when entrepreneur Xiong Xinxiang, CEO of the Born Group, donated 1.03 billion yuan, over $149 million US dollars to the University of Electronic Science and Technology of China (UESTC). 

The donation agreement was signed between Seeking Capital, an investment management company founded by ZJU alumni in 2015, and Zhejiang University at a special ceremony at its Zijingang Campus in Hangzhou, capital of east China's Zhejiang province, on May 3, 2017.

Jin Deshui, secretary of the party committee of ZJU, speaks at the donation ceremony held in the university's Zijingang Campus in Hangzhou, capital of east China's Zhejiang province, May 3, 2017. [Photo: zju.edu.cn]

Jin Deshui, secretary of the party committee of the ZJU, accepted the donation on behalf of the university.

Wang Yuan, president of Seeking Capital, said the contribution was aimed at giving something back to their alma mater in an effective and ongoing way, so that all sides benefit.

The money will be used to establish an Industry and Financial Research Center in the name of Seeking Captial, which will support the university in areas such as talent team building, academic studies and international exchanges, according to the agreement.

The first 12 million yuan (over 1.7 million US dollars) will go towards funding a special international exchange scholarship, with Seeking Capital its title sponsor.

Zhejiang University is one of China's oldest, most selective and most prestigious institutions of higher education. 

Founded in 1897, the university will celebrate its 120th anniversary on May 21, 2017.