20^TH ANNIVERSARY EDITION OF HURUN CHINA PHILANTHROPY LIST

34 INDIVIDUALS WITH DONATIONS OF CNY 100MN, DOUBLE THAT OF A DECADE AGO

YANG GUOQIANG & YANG HUIYAN BECOME CHINA’S MOST GENEROUS FOR FIRST TIME WITH DONATIONS OF REAL ESTATE MANAGEMENT COMPANY WORTH US$820MN

HE XIANGJIAN, 81, OF MIDEA RANKED 3^RD WITH A US$410MN DONATION

EDUCATION CONTINUED TO BE THE BIGGEST CONTRIBUTOR AMONG PHILANTHROPISTS ON THIS YEAR'S LIST, WITH 58% OF PHILANTHROPISTS MAKING CONTRIBUTIONS TO EDUCATION, DOWN 8% FROM LAST YEAR

DONATIONS FOR PUBLIC WELFARE RANKED SECOND THIS YEAR AT 19%

THE NUMBER OF RURAL VITALIZATION DONORS ACCOUNTED FOR 12%, RANKED THIRD

THE REAL ESTATE SECTOR STILL HAS THE MOST PHILANTHROPISTS ON THE LIST, BUT ITS SHARE DROPPED TO 20% FROM 30% LAST YEAR. THOSE FROM INVESTMENTS REMAINED IN SECOND PLACE WITH 11%

LEADING AUTHORITY ON GLOBAL WEALTH RELEASES THE HENGCHANG SHAOFANG · HURUN CHINA PHILANTHROPY LIST 2023

l Yang Guoqiang & Yang Huiyan become China’s most generous for the first time with donations amounting to US$820mn. In July, Yang Guoqiang & Yang Huiyan donated 675 million shares of Country Garden Service to their HK-based Guoqiang Public Welfare Foundation.

l In terms of birthplace, philanthropists from Guangdong are the most generous, accounting for 29% of the list, down 1%. Zhejiang ranked second, accounting for 14%, 11% more than last year.

l In terms of company headquarters, Guangdong is still the largest, accounting for 38%, 7% more than last year; Beijing remained in second place with 15%, 9% less than last year.

l 6 women, down 3 from last year.

l Average age 61, 3 years older than last year.

l 59% came from listed companies.

(8 November 2023, Shanghai) The Hurun Research Institute today released, in association with premium baijiu brand Hengchang Shaofang, the Hurun China Philanthropy List 2023, a ranking of the most generous philanthropists from Greater China. This is the 20^th 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 2022 to 31 August 2023. 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 2023 was CNY100mn, equivalent to US$14mn. The Hurun Research Institute identified 34 individuals from 17 cities who each gave more than CNY100mn in the past year.

Their total donations came to US$2.65bn. Donations to education remained the largest, followed by public welfare and rural revitalization. 67% gave as individuals or families, 17% more than last year, and 33% gave through their companies.

Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report said: “Whilst philanthropy is not keeping up with wealth creation, the number of individuals donating CNY 100mn or more in a year has risen from 2 twenty years ago to 34 this year.”

“Real estate is still the main source of wealth on the recent Hurun China Rich List, which is reflected in the Hurun China Philanthropy List 2023. Real estate was the main source of wealth for this year’s philanthropists.”

Deng Hong, Founder of Global Premium Wines and Spirits Group, said: “As a powerful promoter of ‘making a bottle of Baijiu with care’ and a firm practitioner of ‘long-term ism’ in the history of Baijiu development. Hengchang Shaofang sticks to the spirit of craftsmanship, is committed to reviving the high-end soy sauce Baijiu brand with a long history, and carries forward the Chinese traditional soy sauce flavor Baijiu culture.

Hengchang Shaofang will continue to expand its production scale, expand the planting area of sorghum and improve quality and production capacity in Maotai Town. While ensuring its own brewing quality, it will actively respond to the national call and revitalize rural economic development. Hengchang Shaofang also has a sense of social responsibility and mission, we also pay attention to the development of charity”.

“This year, Hengchang Shaofang once again teamed up with the world's leading wealth tracker Hurun to release the Hengchang Shaofang 2023 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.”

Top 10

Yang Guoqiang & Yang Huiyan become China’s most generous for the first time with donations amounting to US$820mn. Their flagship company Country Garden was among the Top 200 of the Hurun China 500 Most Valuable Private Companies 2022 and their real estate management company Country Garden Service was among the Top 300. Yang Guoqiang & Yang Huiyan were among the Top 100 of HENGCHANG SHAOFANG · Hurun China Rich List 2023 with US$6.6bn.

He Xiangjian ranked 3^rd with a US$410mn donation. He is in the Top 10 of the Hurun China Philanthropy List for the third year in a row. Midea was among the Top 20 of the Hurun China 500 Most Valuable Private Companies 2022. He was among the Top 20 of HENGCHANG SHAOFANG · Hurun China Rich List 2023.

Li Xiting donated US$140mn ranked 4^th. Mindray was among the Top 20 of the Hurun China 500 Most Valuable Private Companies 2022. Li was among the Top 30 of HENGCHANG SHAOFANG · Hurun China Rich List 2023.

Yu Renrong donated US$120mn ranked 5^th. Semiconductor company Will was among the Top 100 of the Hurun China 500 Most Valuable Private Companies 2022. Yu was among the Top 150 of HENGCHANG SHAOFANG · Hurun China Rich List 2023.

Dang Yanbao ranked 6^th with a US$85mn donation. Baofeng was among the Top 15 of the Hurun China 500 Most Valuable Private Companies 2022. Dang was among the Top 50 of HENGCHANG SHAOFANG · Hurun China Rich List 2023.

Zhao Yan ranked 7^th with a US$55mn donation. Bloomage was among the Top 250 of the Hurun China 500 Most Valuable Private Companies 2022. Zhao was among the Top 150 of HENGCHANG SHAOFANG · Hurun China Rich List 2023.

Ma Huateng ranked 8^th with a US$40mn donation. Tencent was among the Top 10 of the Hurun China 500 Most Valuable Private Companies 2022. Pony Ma was among the Top 2 of HENGCHANG SHAOFANG · Hurun China Rich List 2023.

Lui Che Woo ranked 9^th with a US$34mn donation. Galaxy Entertainment was among the Top 50 of the Hurun China 500 Most Valuable Private Companies 2022. Lui was among the Top 20 of HENGCHANG SHAOFANG · Hurun China Rich List 2023.

You Xiaoping & family ranked 10^th with a US$33mn donation. Huafeng was among the Top 400 of the Hurun China 500 Most Valuable Private Companies 2022. Lin was among the Top 200 of HENGCHANG SHAOFANG · Hurun China Rich List 2023.

Causes

Education continued to be the biggest contributor among philanthropists on this year's list, with 58% of philanthropists making contributions to education, down 8% from last year. Donations for public welfare ranked second this year at 19%. The number of rural vitalization donors accounted for 12%, ranked third.

Regional Distribution

Stats from the Hurun Philanthropy 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 2023 and the Hurun Global Rich List 2023, 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 2022 to 31 August 2023. When comparing previous lists, please note that for corporate donations Hurun Research multiplied the donation by an individual’s shareholding in the company.

The list includes only individuals born and bred in mainland China regardless of the passport they currently hold. Values are rounded, and past figures are subject to exchange rate fluctuations.

HENGCHANG SHAOFANG · Hurun China Philanthropy List 2023

About Global Premium Wines and Spirits Group (GPWS)

Global Premium Wines and Spirits Group (GPWS) was founded with huge investment by Mr. Deng Hong, an entrepreneur. He is also the founder of Jiuzhai Paradise International Convention & Holiday Center, Century New International Convention & Exhibition Center.

Today, he is engaged in Baijiu industry, integrating, building and cooperating with excellent liquor production and circulation enterprises worldwide.

In order to incubate influential and representative product brands among various kinds of liquors and sell them, and actively carry out diversified cooperation with domestic high-quality enterprises. It is committed to building an international liquor group based in China and distributed globally.

GPWS has carried out the industrial layout based on the enterprise strategy: in the Baijiu sector, it spent huge capital to acquire Baijiu brands such as "Hengchang Shaofang", "Sichuan Liquor", "National Essence" and "Kasasha" in Maotai Town, Chengdu and Luzhou. At the same time, the company has a strong professional and technical capability, including national level judges, provincial judges, liquor tasters, winemakers and other professional and technical personnel.

At present, GPWS is in a period of vigorous development, and mainly focuses on: "planting good sorghum" and "brewing good liquors". With the positioning of "incubating global liquors", it plans the future business direction: finding liquor producing areas with unique value in China, incubating and reviving a batch of historic and representative liquor brands through industry finance interaction, and developing high-quality Baijiu popular with consumers.

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". Inherit the authentic Kunsha brewing technology and the top 10 secrets of Mr. Da's family on the basis of strictly following the 12987 maotai-flavor baijiu brewing, and ensure that the quality of each bottle of Hengchang Shaofang liquor is the same.

In 2021, it achieved excellent sales performance. According to the embodiment of market changes and keeping pace with the times, it built a good foundation for the development model of breaking 10 billion yuan in the future. In addition, Hengchang Shaofang has worked with Zhongyu Holding Group, Hurun Report and other well-known enterprises to develop co-branded high-end products based on the core IP, further penetrating the brand image into high-end enterprises and high net worth circles, and continuously realizing the interaction between core consumers and brand image.

The plan is to mass produce more than 2000 tons of high-quality raw baijiu in 2022 and more than 10000 tons in 2023. In April 2022, Hengchang Shaofang started the 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 planning land will be 1,500 acres, and the first phase of the land area is 300 acres, to create a project composed of the boutique hotels, museums, the old Brewery, the baijiu library and other functional modes. The project is to intergrate the production, display, sales into a baijiu brewing base, it will become the second largest brewery in Maotai Town and the most luxurious Baijiu winery in China.

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

About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai

Established in the UK 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 last year, 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 startups, ranking 4000 startups across the world through its annual Unicorns list (US$1bn+), and two future unicorn lists (Gazelles from US$500mn, and Cheetahs from US$300mn).

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$10mn, US$50mn and US$100mn respectively.

Other lists include the Hurun Global Highschools List, ranking the world’s best independent highschools, the Hurun Philanthropy List, ranking the biggest philanthropists, the Hurun Art List, ranking the world’s most successful artists alive today, etc…

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.

For media inquiries, please contact:

Hurun Report

Porsha Pan

Tel: +86-21-50105808*601

Mobile: +86-139 1838 7446

Email: porsha.pan@hurun.net

Grace Liu

Tel: +86-21-50105808

Mobile: +86 136 7195 4611

Email: grace.liu@hurun.net