Wuhan College in funding first

Tencent's CEO Pony Ma leads landmark public financing of a private higher education institute

The Hubei Yidan College Education Development Foundation has finished its first round of funding for Wuhan College, marking the first time that a private college has been able to collect donations from individuals, companies and social groups.

The endowment fund was co-established by Pony Ma, the board chairman and chief executive officer of internet giant Tencent Holdings Ltd, and Tony Zhang and Free Wu, major founders of Tencent and enthusiastic entrepreneurs. Ma donated 100 million yuan ($14.5 million).