Hong Kong Billionaire to Pay Tuition for Every Undergrad at Mainland University for Four Years

By Huang Shulun and Zhao Runhua / Jun 17, 2019 03:12 PM / Society & Culture

All undergraduates enrolling at southern China’s Shantou University in the next four years will receive full scholarships, in an unprecedented move by Hong Kong’s richest man, Li Ka-shing.

The Li Ka Shing Foundation, backed by Li, will provide up to 100 million yuan ($14.44 million) a year in scholarships from 2019 to 2022, enough to cover annual tuition for every undergraduate student enrolling each year. The university told Caixin it plans to take in 3,100 undergraduates in 2019, and that annual tuition ranges from around 5,000 yuan to 10,000 yuan.

Li, who recently retired as chairman of Hong Kong-based conglomerate CK Hutchison Holdings, was born in the 1920s in Chaoshan, the area of Guangdong province where Shantou University is located. Li has been offering the university financial support since the 1980s, when the higher education institution was established, and his foundation accounted for 40% of the university’s revenue in 2017, the university said.

Related: Opinion: Chinese Universities’ System for Attracting Talent Has Warped Scholastic Incentives

Contact reporter Zhao Runhua (runhuazhao@caixin.com)