4 INDIVIDUALS IN CHINA DONATE MORE THAN US$1BN IN LAST YEAR, LED BY INTERNET TYCOONS RICHARD LIU QIANGDONG OF JD, WANG XING OF MEITUAN AND LEI JUN OF XIAOMI EACH WITH DONATIONS OF US$2BN, AND FOLLOWED BY DING SHIZHONG OF ANTA WITH US$1.4BN.

 RICHARD LIU DONATES TO EDUCATION AND ENVIRONMENTAL PROTECTION CAUSES, WANG XING TO SCIENTIFIC RESEARCH CAUSES AND LEI JUN TO TALENT CULTIVATION AND RESEARCH AND INNOVATION CAUSES

XIAMEN-BASED REAL ESTATE DEVELOPER HOU CHANGCAI, 66, 5^TH WITH US$470MN IN DONATIONS, MAINLY TO BUILD SCHOOLS

ROBIN ZENG YUQUN, 54, FROM CATL, 6TH WITH US$190MN IN DONATIONS TO SUPPORT HIGHER EDUCATION

EDUCATION IS THE PREFERRED CAUSE, WITH 66% OF HURUN PHILANTHROPY LIST DONATING TO EDUCATION, UP FROM 39% LAST YEAR

DISASTER RELIEF OVERTOOK HEALTHCARE FOR SECOND PLACE, ACCOUNTING FOR 28% OF THE LIST, MAINLY ON BACK OF LAST YEAR’S DEVASTATING RAINSTORMS IN HENAN AND SHANXI

RURAL REVITALIZATION WAS THE THIRD MOST PREFERRED CAUSE, ACCOUNTING FOR 21% OF THE LIST

30% OF THIS YEAR’S PHILANTHROPISTS MADE THEIR MONEY IN REAL ESTATE, DOWN FROM 36% LAST YEAR, FOLLOWED BY INVESTMENTS WITH 12%

LEADING AUTHORITY ON GLOBAL WEALTH RELEASES THE HENGCHANG SHAOFANG · HURUN CHINA PHILANTHROPY LIST 2022

l    Richard Liu Qiangdong is China’s most generous individual with a US$2.05bn donation. Liu donated more than 62 million shares of JD to a third-party foundation, which will mainly donate to education and environmental causes.

l    Wang Xing donated US$2.03bn ranked 2^nd. Wang transferred 57 million shares into his Wang Xing Foundation, which promotes education and research.

l    Lei Jun ranked 3^rd with US$2bn donation. Lei donated 308 million shares each to the Xiaomi Foundation and Lei Jun Foundation.

l    The Top 10 philanthropists are all on this year's Hurun China Rich List, giving away 6.3% of their total wealth.

l    In terms of birthplace, philanthropists from Guangdong are the most generous, accounting for 30% of the list, up 3%. Fujian remained second, accounting for 24%, 5% more than last year.

l    In terms of company headquarters, Guangdong is still the largest, accounting for 31%, 5% less than last year; Beijing remained in second place with 24%, 3% more than last year.

l    9 women, up 4 from last year.

l    Average age 58, same as last year.

l    60% came from listed companies.

(16 November 2022, Shanghai) The Hurun Research Institute today released, in association with premium baijiu brand Hengchang Shaofang, the Hurun China Philanthropy List 2022, a ranking of the most generous philanthropists from Greater China. This is the 19^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 April 2021 to 31 August 2022. 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 2022 was CNY100mn, equivalent to US$15 million. The Hurun Research Institute identified 49 individuals from 20 cities who each gave more than CNY100mn in the past year. Their total donations came to US$10bn. Donations to education remained the largest, followed by disaster relief and rural revitalization. 50% gave as individuals or families, 3% more than last year, and 50% gave through their companies.

Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report said: “This year is a record year for big philanthropy. 49 individuals donated CNY 100 million or more, led by 4 billion-dollar donations. I hope the stories of these philanthropists can tell the story of philanthropy in China and encourage more individuals to donate effectively.”

“7 of the Hurun Top 10 Philanthropists donated shares in their businesses to charitable foundations.”

“Giving money away is harder than it looks, especially when the numbers are big. Several of the Hurun philanthropists are leading changes to the environment for philanthropy through policies, especially charity law and taxation.”

“When we started the Hurun Philanthropy List 19 years ago, many of the donations were to the givers’ hometowns.”

“Philanthropy is important, when building a legacy and passing on wealth.”

Deng Hong, chairman of Global Premium Wines and Spirits Group, said: “I am delighted to release the Hengchang Shaofang · Hurun China Philanthropy List 2022, which reflects the growing awareness of charity among Chinese entrepreneurs and their increasing sense of social responsibility. Hengchang Shaofang will continue to expand in Maotai town, expand the sorghum planting area, enhance the quality and capacity of product and actively respond to the national call to revitalize the rural economy.”

Top 10

Richard Liu Qiangdong become China’s most generous for the first time with donations amounting to US$2.05bn. Liu donated 62 million shares of JD to a third-party foundation, which will mainly donate to education and environmental causes, according to the announcement. JD was among the Top 10 of the Hurun China 500 Most Valuable Private Companies 2021. Liu was among the Top 30 of HENGCHANG SHAOFANG · Hurun China Rich List 2022.

Wang Xing donated US$2.03bn ranked 2^nd. Wang transferred 57 million shares into his Wang Xing Foundation, which promotes education and research, according to the announcement. Meituan was among the Top 10 of the Hurun China 500 Most Valuable Private Companies 2021. Wang was among the Top 30 of HENGCHANG SHAOFANG · Hurun China Rich List 2022.

Lei Jun ranked 3^rd with US$2bn donation. Lei donated 308 million shares each to the Xiaomi Foundation and Lei Jun Foundation, which will be used for public benefit, according to the announcement. Xiaomi was among the Top 20 of the Hurun China 500 Most Valuable Private Companies 2021. Lei was among the Top 50 of HENGCHANG SHAOFANG · Hurun China Rich List 2022.

Ding Shizhong & family donated US$1.39bn ranked 4^th. Anta was among the Top 50 of the Hurun China 500 Most Valuable Private Companies 2021. Ding was among the Top 200 of HENGCHANG SHAOFANG · Hurun China Rich List 2022.

Hou Changcai donated US$470mn ranked 5^th. His major donations include a pledge of CNY6bn to co-build the university with Quanzhou City, among which the construction of the Nanan campus of Quanzhou Medical College. Hou was among the Top 800 of HENGCHANG SHAOFANG · Hurun China Rich List 2022.

Robin Zeng Yuqun ranked 6^th with a US$190mn donation. CATL was among the Top 5 of the Hurun China 500 Most Valuable Private Companies 2021. Zeng was among the Top 3 of HENGCHANG SHAOFANG · Hurun China Rich List 2022.

Chan Tan Ching Fen & family ranked 7^th with a US$150mn donation. Hang Lung was among the Top 300 of the Hurun China 500 Most Valuable Private Companies 2021. Chan was among the Top 400 of HENGCHANG SHAOFANG · Hurun China Rich List 2022.

Qin Yinglin & Qian Ying ranked 8^th with a US$145mn donation. Muyuan was among the Top 50 of the Hurun China 500 Most Valuable Private Companies 2021. Qin was among the Top 10 of HENGCHANG SHAOFANG · Hurun China Rich List 2022.

He Xiangjian & family ranked 9^th with a US$140mn donation. He is in the Top 10 of the Hurun China Philanthropy List for the second year in a row. Midea was among the Top 20 of the Hurun China 500 Most Valuable Private Companies 2021. He was among the Top 10 of HENGCHANG SHAOFANG · Hurun China Rich List 2022.

Lin Bin ranked 10^th with a US$130mn donation. His major donations include 60 million shares of Xiaomi to the Xiaomi Foundation. Xiaomi was among the Top 20 of the Hurun China 500 Most Valuable Private Companies 2021. Lin was among the Top 200 of HENGCHANG SHAOFANG · Hurun China Rich List 2022.

Causes

Education continued to be the biggest contributor among philanthropists on this year's list, with 66% of philanthropists making contributions to education, up 27% from last year. Donations for disaster relief ranked second this year at 28%. The number of rural vitalization donors accounted for 21%, 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 2022 and the Hurun Global Rich List 2022, 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 April 2021 to 31 August 2022. 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 2022

About Hengchang Shaofang

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

Hengchang Shaofang has been recognized by the market for its excellent quality and brand. ‘Quality, brand, scale and long-term vision’ are the hallmarks of the business. The heritage of the Kunsha distilling techniques and the secret formula of the Da family, ensures the quality of each bottle of Hengchang Shaofang.

In 2021, Hengchang Shaofang achieved outstanding sales. Keeping pace with the times, Hengchang Shaofang has built the foundations of a CNY 10bn business. Hengchang Shaofang has worked with Zhongyu Holdings, Hurun Report and other well-known brands to develop co-branded premium products, further penetrating into the premium market.

The plan is to produce 2000 tons of high-quality baijiu in 2022 and grow that to 10,000 tons next year. There are also plans to build a distillery within a 7.5 square km plot in Maotai town this year. When this is finished, it will make Hengchang Shaofang the second largest baijiu distillery in Maotai and the best premium baijiu distillery 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 Star Performer Premium Jiangxiang Baijiu of the 17^th Hurun Best of the Best Award

6. In 2022 won the Star Performer Premium Jiangxiang Baijiu of the 18^th 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

About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai, Sydney, Paris

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 6 billion views on the Hurun brand last year, mainly in China and India.

Best-known today for the Hurun Rich Index series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s two other key series include the Hurun Start-up series and the Hurun 500 series, a ranking of the world’s most valuable companies.

The Hurun Start-up series begins with the Hurun U30s, an awards recognizing the most successful entrepreneurs under the age of thirty, and is today in seven countries. Next up are Hurun Cheetahs, Chinese and Indian start-ups with a valuation of between US$300mn to US$500mn, most likely to go unicorn with five years.  Hurun Global Gazelles recognize start-ups with a valuation of US$500mn to US$1bn, most likely to go unicorn within three years. The culmination of the start-up series is the Hurun Global Unicorn Index.

Other lists include the Hurun Philanthropy Index, ranking the biggest philanthropists, the Hurun Art Index, ranking the world’s most successful artists alive today, etc…

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

Hurun hosted high-profile events in the last couple of years across China and India, as well as London, Paris, New York, LA, 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