Corporate philanthropy is a big thing in China and more specifically in Hong Kong. Recent research showed that China Evergrande has beaten HSBC Bank to top the most charitable Hong Kong companies list.
Together, all Hong Kong-listed companies donated US$2.1 billion to charity last year, an increase of 28 per cent on 2016. Property developers gave away €900 billion, more than any other industry. The numbers have been compiled by Sodata Analytics Foundation Association, a non-profit group that tracks corporate philanthropy.
Adding up all numbers, 959 out of the 1,826 companies that trade on Hong Kong’s main board altogether donated HK$16.3 billion (€1.8 billion) in 2017, a surge of 28 per cent over 2016.
South China Morning Post reports that the average ratio between a company’s donation and its net profit rose to 0.41 per cent last year, rising for a third straight year from 0.24 in 2014. This compares with 0.8 per cent for companies in the United States, the report found.
Sodata Analytics compiled the data based on the companies’ annual reports.
Further reading on scmp.com