Peking U receives record donation of 1b yuan

Peking University on Wednesday received a 1 billion yuan ($155 million) donation from an alumnus, marking the largest personal donation the university has ever received since its founding in 1898.

Li Yongxin, chairman of Offcn Education Technology, a private institution that offers training for the civil service exam, graduated from the university’s school of government in 1999.

Li and his mother Lu Zhongfang, founders of Offcn, have been crowned the richest education entrepreneurs in the world with wealth of 91 billion yuan, according to the Hurun Global Education Rich List 2020.

He said the donation was a show of gratitude to the teachers and of love for his alma mater. Li has made 180 million yuan in donations to the university previously.

The donation will be used to set up scholarships and grants for students and teachers at the university.

Peking University alumnus Robin Li Yanhong, chairman and CEO of internet search giant Baidu, made a 660 million yuan donation to the university in 2018 to celebrate its 120th anniversary.