HENGCHANG SHAOFANG·Hurun China Philanthropy List 2024

23 INDIVIDUALS DONATE MORE THAN CNY 100MN IN PAST YEAR

‘CHINA SEMICONDUCTOR KING’ YU RENRONG, 58, BECAME CHINA’S MOST GENEROUS FOR THE FIRST TIME WITH DONATION OF US$745MN TO A NEW UNIVERSITY IN HIS HOMETOWN NINGBO

LEI JUN OF XIAOMI2NDWITH A US$185MN DONATION. THIS IS THE THIRD TIME THAT LEI HAS MADE THE HURUN PHILANTHROPY LIST

NINGXIA-BASED ‘CHINA ENERGY KING’ DANG YANBAO3RDWITH A US$85MN DONATION

70% OF THE LIST, UP 12%, DONATED TO EDUCATION, FOLLOWED BY PUBLIC WELFARE 19% AND HEALTHCARE 7%

INVESTMENTS ARE THE BIGGEST SOURCE OF WEALTH FOR THE PHILANTHROPISTS ON THE LIST, UP TO 29% FROM 11% LAST YEAR.

LEADING AUTHORITY ON PHILANTHROPY RELEASES THE HURUN CHINA PHILANTHROPY LIST 2024, THE21ST

ISSUE OF THE LIST

● Shanghai-based ‘China Semiconductor King’ Yu Renrong, 58, become China’s most generous for the first time with donations amounting to US$745mn towards a new university in his hometown, the Eastern Institute of Technology. Yu’s source of wealth is fromWillSemi, which was among the Top 100 of the Hurun China 500 Most Valuable Private Companies 2023. Yu Renrong was among the Top 100 of HENGCHANG SHAOFANG · Hurun China Rich List 2024.

● Lei Junranked 2nd with a US$185mn donation. This is the third time that Lei has made the list, and the second time he has been ranked in the Top 3.Xiaomiwas among the Top 20 of the Hurun China 500 Most Valuable Private Companies 2023. Lei was among the Top 20 of HENGCHANG SHAOFANG · Hurun China Rich List 2024.

● Dang Yanbaoranked 3rd with a US$85mn donation. This is the 12th time that Dang has made the list.Baofengwas among the Top 100 of the Hurun China 500 Most Valuable Private Companies 2023. Dang was among the Top 30 of HENGCHANG SHAOFANG · Hurun China Rich List 2024.

● In terms ofbirthplace, philanthropists from Fujian are the most generous, accounting for 24% of the list, up 13%. Guangdong ranked second, accounting for 19%, 10% less than last year.

● In terms of companyheadquarters, Beijing is the largest, accounting for 38%, 23% more than last year; Guangdong ranked second place with 14%, 24% less than last year.

● 6women, same as last year.

● Average age 59, 2 years younger than last year.

(12 November 2024, Shanghai) The Hurun Research Institute today released, in association with premium baijiu brand Hengchang Shaofang, the Hurun China Philanthropy List 2024, a ranking of the most generous philanthropists from Greater China. This is the 21st year of the Hurun Philanthropy List.

Hurun Research ranked the individuals based on their cash and cash equivalent donations or legally binding commitments, made in the period from 1 September 2023 to 31 August 2024. Donations made by a corporate were assigned to individual shareholders according to the percentage of their shareholding.

This is a brief English language summary of the full Chinese press release which can be found at www.hurun.net. For media enquiries please contact our public relations team whose contact details can be found at the end of this report.

The cut-off to make the Hurun China Philanthropy List 2024 was CNY100mn, equivalent to US$14mn. The Hurun Research Institute identified 23 individuals from 13 cities who each gave more than CNY100mn in the past year.

Their total donations came to US$1.43bn. Donations to education remained the largest, followed by public welfare and medical. 72% gave as individuals or families, 5% more than last year, and 28% gave through their companies.

Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report said:“The number of entrepreneurs on the Hurun China Rich List has dropped for the third consecutive year, down nearly 400 from the peak in 2021, but there are still 23 philanthropists who have donated more than CNY 100MN.”

“Since our first list twenty years ago back in 2004, the Hurun China Philanthropy List has witnessed many important moments for charity in China. The 2008 Sichuan earthquake led to a plethora of donations being made in the public eye for the first time. Other key milestones include the implementation of China’s Charity Law in 2016 and the launch of Common Prosperity in 2021. Wealth creation is inseparable from giving back. We hope that through our list, we can encourage more capable entrepreneurs to actively contribute to society. We also hope that these charity stories can encourage more entrepreneurs to donate in a more effective, and sustainable way.”

“Entrepreneurs believe that the best way to repay society is to invest in education, especially their alma mater. The number of people donating to the education field has always been the largest, reaching 70% this year.”

Deng Hong, Founder of Hengchang Shaofang, Global Premium Wines and Spirits Group, said: “Quality, brand, scale and planning for the long-term lie at the core of Hengchang Shaofang’s hundred-year story. This, coupled with the operational strength of Hengchang Shaofang’s owner Global Premium Wines and Spirits Group, has won the respect of the market. Hengchang Shaofang is continuously improving the quality of our product. We are meeting demand by expanding our production in the Maotai region, by increasing our storage capacity and by responding to the national call to revitalize the rural economy. For us, it is about making a bottle of baijiu with ‘heart’ and the ‘spirit of craftsmanship’. We owe a strong duty of care to the century old brand of Hengchang Shaofang. This year, Hengchang Shaofang once again teamed up with the world's leading wealth tracker Hurun to release the Hengchang Shaofang 2024 Hurun China Philanthropy List, witnessing the surging power of Chinese entrepreneurs towards goodness. We believe that China's future will become better and better with the power of charity.”

TOP10

Ni Yongpeidonated US$75mn ranked 4th. This is the second time that Ni made the Hurun list. Yingjia was among the Top 300 of the Hurun China 500 Most Valuable Private Companies 2023. He was among the Top 400 of HENGCHANG SHAOFANG · Hurun China Rich List 2024.

Ye Chenghai & familydonated US$30mn ranked 5th. This is the 4th time Ye has made the Hurun list. Salubris Pharmaceuticals was among the Top 400 of the Hurun China 500 Most Valuable Private Companies 2023. He was among the Top 200 of HENGCHANG SHAOFANG · Hurun China Rich List 2024.

Yang Yuanqingranked 6th with a US$28mn donation. This is the second time that Yang has been on the list. Lenovo was among the Top 100 of the Hurun China 500 Most Valuable Private Companies 2023. He was among the Top 700 of HENGCHANG SHAOFANG · Hurun China Rich List 2024.

Zhang Yiming & Liang Rubodonated US$280mn ranked 6th. This is the fifth time that Zhang has been on the list. Liang is the CEO of ByteDance. ByteDance was the Top 4 of the Hurun China 500 Most Valuable Private Companies 2023. Zhang was the No.1 of HENGCHANG SHAOFANG · Hurun China Rich List 2024.

Shao Genhuoranked 8th with a US$26mn donation. This is the sixth time that Shao has made the Hurun list. Dabeinong was among the Top 500 of the Hurun China 500 Most Valuable Private Companies 2023. He was among the Top 600 of HENGCHANG SHAOFANG · Hurun China Rich List 2024.

Guan Jiechu & Wu Qilandonated US$25mn ranked 9th. This is the third time that they have been on the list.

Li Ka-shingranked 10th with a US$23mn donation. Cheung Kong and CK Hutchison were both among the Top 100 of the Hurun China 500 Most Valuable Private Companies 2023.Li Ka-shing & Victor Li Tzar-kuoiwas among the Top 10 of HENGCHANG SHAOFANG · Hurun China Rich List 2024.

Causes

Stats from the HurunPhilanthropy List

The Hurun Philanthropy List began in 2004 as a Top 50 list, expanding to a Top 100 list. As wealth numbers grew, Hurun Research set a cut-off in 2020 of RMB 200 million, dropping this to RMB 100 million in 2021. In 2019, Hurun Research broadened the scope to include individuals from HK, Macau and Taiwan.

Methodology

To put together a comprehensive list of the largest philanthropists of China is an almost impossible task. However, we believe that the Hurun Philanthropy List, published since 2004, is the most serious and authoritative effort to date, identifying the individuals and highlighting the causes they donate to.

To make this list, the Hurun Research Institute surveyed 2000 of China’s most successful entrepreneurs, including more than 1000 from the recently released Hurun China Rich List 2024 and the Hurun Global Rich List 2024, meticulously cross referencing the results with media reports and charitable foundations. In the course of the research, Hurun Research Institute attended non-profit-related seminars, as well as meeting with scholars, experts, philanthropists and senior members of charitable foundations.

Hurun Research includes cash and cash equivalents pledged with legally binding commitments for the period from 1 September 2023 to 31 August 2024. When comparing previous lists, please note that for corporate donations Hurun Research multiplied the donation by an individual’s shareholding in the company.

HENGCHANG SHAOFANG · Hurun China Philanthropy List 2024

About Hengchang Shaofang

In 2017, Global Premium Wines and Spirits Group (GPWS) acquired Hengchang Shaofang brand in Maotai Town, creating a century old brand revival plan.

Hengchang Shaofang has been recognized by the market with its excellent quality and profound brand, and has always followed the brand development strategy of "quality, brand, scale and long-term", and continued to focus on the long-term development goal of ‘growing good sorghum and making good wine’.

In 2021, it achieved nearly CNY 1.5 billion turnover. According to the strategic plan of market changes and keeping pace with the times, it built a good foundation for breaking 10 billion yuan in the future. In addition, Hengchang Shaofang has worked with Zhongyu Holding Group, Hurun Report, Xinchao Media Group and other well-known enterprises to develop co-branded high-end products based on the core IP, continuing to lead China's high-end baijiu market

In 2022, it further increased its brand investment by joining hands with Focus Media, Xinchao Media, CITY-MEDIA and other elevator medias, laying out 25 core cities across China, with advertisements appearing on more than 1 million lift frames and streaming media screens, and stationed in nearly 100,000 communities. Up to now, the total advertising investment has exceeded 500 million RMB, and the omni-channel empowerment has helped Hengchang brand develop rapidly into a real super brand.

On 8th February 2023，Hengchang Shaofang started the 30,000 tonnes brewing base project, which is located in Tsubaki Village, Moutai Town, located in the core production area of China's maotai-flavor baijiu. The overall land is 1,500 acres, and the first phase of the land area is 300 acres, main business: Moutai Town Hengchang Intercontinental Hotel, Hengchang Shaofang Research Institute, Hengchang Shaofang Contemporary Art Centre, Hengchang Shaofang traditional brewing area, Hengchang Shaofang Vaults, etc., is expected to be opened to the public in 2025.

In April 2024, the signing ceremony of ‘InterContinental Hengchang Hotel Moutai Town’ was held between Moutai Town Hengchang Brewery Company Limited and InterContinental Hotels Group in Renhuai City, Guizhou Province, introducing the InterContinental Hotel brand to Guizhou. The Intercontinental Hotel Hengchang has a total of 193 high-end specialty guest rooms, which will become another landmark building in Moutai Town after the completion of the hotel, providing super five-star hotel services for tourists visiting Moutai Town and the brewing base, and integrating higher-standard international hotel services into the culture of baijiu travelling.

Up to now, Hengchang Shaofang has completed the layout of key provinces, first- and second-tier cities and key prefecture-level cities across China. Provincial platform companies have been built in Sichuan, Jiangsu, Fujian, Yunnan, Shandong, Henan, Tianjin, Xinjiang, Hunan, Guangdong, Liaoning, Heilongjiang and Shanghai, and the number of key cities continues to increase; Hengchang Shaofang tasting pavilions have been opened simultaneously in the core cities of Shanghai, Guangzhou, Shenzhen, Chengdu, Zhengzhou, Xi'an, Jinan, Luoyang, Qingdao, Jining, Zibo, Taizhou, Xianyang, Longnan and other cities.

Honors:

1. In 2017, won the Sensory Quality Award of the National Liquor Judges of China

2. In 2019, won the Tax Contribution Award of the Fourth RedSorghum Award in Zunyi city.

3. In 2020, won the Golden Award and the 2020 High-end Maotai-flavor Liquor Award.

4. In 2020, won the China Liquor Qingyun Award for Year's High-end Product.

5. In 2021, won the Best Performance of High-end Maotai-flavor Baijiu of the 17th Hurun Best of the Best Award

6. In 2022, won the Best Performance of High-end Maotai-flavor Baijiu of the 18th Hurun Best of the Best Award

7. In 2022, won the Integrity Management Award of the sixth "Red Sorghum Award" in Zunyi region

8. In 2022, won the title of "Top Ten Famous Liquors" in the core production area (Renhuai) of Maotai-flavor Baijiu in China

9. In 2022, won the title of "Baijiu New National Standard Quality Demonstration Product" (Tianfuchuan Liquor · Sichuan Brand Baijiu)

10. In 2022, won China Golden Cup Award - Outstanding Maotai-flavor Liquor Brand

11. 2022 China Golden Cup Award - Chinese Liquor Star Product

12. 2023 Honors Certified by the Municipal Party Committee and People's Government of Renhuai, Guizhou - Top 10 Private Enterprises Paying Taxes in 2022

13. In 2023, won ‘National Safe Liquor Project - Model Enterprise’ by China Liquor Distribution Association

14. In 2024, won the ‘Maotai-flavor Visionary Award’ from Guizhou Liquor Enterprises Chamber of Commerce

15. In 2024, won the ‘Appellation Excellent Contribution Award’ and ‘Market Exploitation Award’ from Renhuai Liquor Association of Guizhou Province

16. In 2024, won the Silver Award of ‘China Maotai-flavor Baijiu Core Producing Region (Renhuai) Creative Packaging Design Competition’ jointly organised by China Packaging Federation and Renhuai Municipal People's Government

17. In 2024, won the ‘Most Popular Award’ in the China-Malaysia (Kuala Lumpur) Commodity Exhibition 2024 - Hengchang Shaofang-1929 Commemorative Baijiu

18. 2024 ‘Gold Medal’, Brussels International Wine Competition 2024

About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai

Established in the United Kingdom in 1999, Hurun is a research, media and investments group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion-leader in the world of business, Hurun generated 8 billion views on the Hurun brand in 2023, mainly in China and India.

Best-known today for the Hurun Rich List series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s other key series is the Hurun Start-up series, ranking the world’s unicorns and future unicorns, as well as giving recognition to young start-up founders.

Hurun has grown to become the world’s largest researcher and list compiler of start-ups, ranking 4000 start-ups across the world through its annual unicorns list (US$1bn+), and two future unicorn lists (Gazelles from US$500m, and Cheetahs from US$300m).

For the young start-up founders, Hurun has created the Under30s, Under35s and Under40s awards, representing the cream of young entrepreneurs who have founded businesses with a social impact and worth around US$10m, US$50m and US$100m respectively.

Other lists include the Hurun Global High Schools List, ranking the world’s best independent high schools, the Hurun Philanthropy List, ranking the biggest philanthropists, the Hurun Art List, ranking the world’s most successful artists alive today.

Hurun provides research reports co-branded with some of the world’s leading financial institutions, real estate developers and regional governments.

Hurun hosts high-profile events across China and India, as well as London, Paris, New York, LA, Toronto, Sydney, Luxembourg, Istanbul, Dubai and Singapore.

For further information, see www.hurun.net.