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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The specific value of the shares was not disclosed.

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.