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Mengniu Dairy Group announced Tuesday that its founder, Niu Gensheng, had transferred all his shares of the company to Hengxin Trust, the China News Service reported.
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Niu promised in 2005 that he would donate all his Mengniu shares to charity. He said all financial gains will be used for charity except for a small part of dividends for his family.
Niu set up an irrevocable trust, Hengxin Trust, to fulfill his promise.