免费日韩片_欧美成人精品一区二区男人小说_国产乱码一区二区三区四区_国产精品国产三级国产aⅴ入口_成人看的污污超级黄网站免费_欧美一级在线免费观看_成人午夜免费无码福利片_国产乱人伦偷精品视频色欲_aaa少妇高潮大片免费看_国产精品1234_亚洲精品国产suv一区88_中文字字幕在线中文无码_精品亚洲区_午夜九九九_国产av国片精品jk制服丝袜_色综合亚洲_亚洲成av人片无码bt种子下载_欧美色就色_精品少妇的一区二区三区四区_男人用嘴添女人下身免费视频

Economy

Markets

Industries

Insights

Reports

Events

Yunnan Baiyao not part of Chen's buffet

By Hou Qingyang and Zhang Ran (China Daily)
Updated: 2009-10-30 08:10

Chen Fashu, regarded by many as China's Warren Buffett, has clarified that his promised charity donation of 8.3 billion yuan does not include shares of Chinese medicine maker Yunnan Baiyao Industry Co Ltd.

"The shares to be donated consist of Zijin Mining Group and Tsingtao Brewery (Tsingtao Beer)," said Li Xin, a spokeswoman for Newhuadu Industrial Group Co Ltd, a private company owned by Chen.

"Chen did cash in part of his shares in Zijin to buy stakes in Tsingtao Beer and Yunnan Baiyao. However, the Yunnan Baiyao transaction has still not been completed," said Li. "Reports that Chen will donate shares of Yunnan Baiyao are just speculation."

Related readings:  Yunnan Baiyao diversifies to stay healthy  Chen spreads a Buffett  Nationwide charitable donations amounted to 107b yuan in 2008   Nation to have charity law within 2 years

Chen announced last Tuesday that he would donate 45 percent of his personal wealth, some 8.3 billion yuan worth of shares, to the Newhuadu Philanthropic Foundation.

Chen will be the chairman of the foundation, and Tang Jun, CEO of Newhuadu Industrial Group, will serve as the managing director. Chen, 48 and a self-made billionaire, started in the grocery business and later accumulated his wealth by investing in the capital market. With a personal wealth of 25 billion yuan, Chen ranks No 15 in the latest Hurun rich list.

Chen's philanthropy initiation has drawn not only applauses but also doubts that he was planning to avoid paying tax for the sale of Zijin shares.

In September, the Securities Daily reported that the State Administration of Taxation was investigating Chen and his company for tax fraud in the Zijin Mining sale, saying Chen should pay at least 1 billion yuan in taxes.

Zhang Peilin, a researcher at the Taxation Science Research Institute under the State Administration of Taxation, said only donations to chartered charity foundations or through government agencies can enjoy tax deductions or exemptions.

Newhuadu Philanthropic Foundation is not on the chartered list. Therefore, direct assets transfer to the private foundation will not incur tax deductions or exemptions.

Chen is a low-profile person with the media. His partner, Tang Jun has being taking interviews on his behalf.

"Chen is optimistic and I believe he will not mind these questions," Tang was cited by Securities Daily as saying. "However, I think there won't be any big donation in the coming three years at least."