Hong Kong entrepreneur and philanthropist Li Dak-sum, 95, a native of Ningbo, signed an agreement recently with Ningbo sports officials to donate 30 million yuan (US$4.6 million) to support the city's sports industry.

Li received Hong Kong's highest honor, the Grand Bauhinia Medal, last year for his contribution to education. He is the chairman of many mainland and overseas companies. Li has supported charity programs in Ningbo for years and his pledged donation is the largest ever received by his hometown's sports industry.

According to the agreement, a board will be set up to manage the sports fund. The money will be used to popularize sports activities, train young athletes, award local champions and coaches, and promote international exchanges in sports.