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China tech

China's Big Tech vows to give back as Xi touts 'common prosperity'

Tencent and Pinduoduo unnerve investors with emphasis on social responsibility

Pinduoduo founder Colin Huang is among China tech CEOs donating their personal wealth   © Reuters

HONG KONG -- China's top internet companies have pledged billions of dollars for social goods in response to President Xi Jinping's call to share their wealth, in a sign of the big politically driven change in a sector already hit by Beijing's regulatory crackdown.

Philanthropic and investment commitments have been unveiled this year by companies ranging from Tencent Holdings to online retailer Pinduoduo and top executives including Wang Xing of food delivery platform Meituan and Lei Jun of smartphone maker Xiaomi. These efforts will fund areas such as research, agriculture and clean energy.

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