What to expect as 2 Chinese universities founded by tycoons enrol first undergraduates
Fuyao University of Science and Technology (FYUST) founded in Fuzhou, Fujian province, by glass tycoon Cao Dewang, and Eastern Institute of Technology (EIT), founded in Ningbo, Zhejiang province, by semiconductor magnate Yu Renrong, will welcome their first undergraduates this summer.
They are part of a new form of philanthropic endeavour among Chinese entrepreneurs that is focused on promoting China's national strategy of 'scientific self-reliance' through education.
Industry observers and parents predict that the research-focused institutions may soon rival top public universities in selectivity. Though still trailing elite institutions such as Beijing's Tsinghua and Peking universities, their appeal is becoming apparent.
'These founders are some of the most high-profile entrepreneurs and billionaires in China right now, so it's no surprise that parents and students are paying close attention,' said Kent Cai, founder of Zhejiang Newway, an international education consultancy in Zhejiang. 'Many are wondering whether they should be among the first to take the plunge.
'With only a few dozen spots available, the admission scores are expected to be competitive.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 hours ago
- South China Morning Post
China reacts to US-Vietnam trade deal, Philippines' tourism woes: SCMP's 7 highlights
We have selected seven stories from this week's news across Hong Kong, mainland China, the wider Asia region and beyond that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing Chinese manufacturers in Vietnam breathed a sigh of relief on Wednesday, after Washington and Hanoi agreed a 'better than expected' trade deal that will reduce US tariffs to 20 per cent and bring an end to three months of uncertainty. Chinese troops march during a military parade in Tiananmen Square in Beijing in 2019 to mark the 70th anniversary of the founding of the People's Republic of China. Taiwan will not be the focus of this year's parade, but the display is intended to send messages. Photo: AFP When Beijing stages a grand military parade this autumn, observers will be watching for signals being sent towards Taiwan, with both military hardware and historical connections sending both public and political messages. China may be on the verge of placing another lucrative order with European aerospace giant Airbus, potentially for at least 100 to 200 new aircraft – even as some Chinese airlines remain heavily reliant on US rival Boeing's jets.
South China Morning Post
3 hours ago
- South China Morning Post
Hong Kong's bull market fills fiscal coffers, plugs hole left by ailing real estate market
Hong Kong's stock market stamp duty income is filling the city's financial coffers at the fastest pace since 2021, amid a bull run on the local bourse that has attracted scores of initial public offerings (IPOs) and fuelled frenzied trading. Advertisement Duties from transactions and transfers rose to HK$29.69 billion (US$3.78 billion) in the first five months of 2025, according to calculations by the Post based on government data. Contributions from the stock market jumped 42.5 per cent to HK$52.17 billion for the financial year that ended in March, accounting for about 90 per cent of total stamp duty revenue and 9.3 per cent of the government's revenue, helping to plug the fiscal hole left by a slumping property market It also vindicated the hard stance taken by Financial Secretary Paul Chan Mo-po, who resisted pressure from local brokers who asserted that the November 2023 cut in transaction costs to 0.1 per cent did not go far enough. At 0.1 per cent, payable by the buyer and seller in a transaction, Hong Kong was among the world's cheapest major markets for trading, surpassed only by the US, mainland China and Japan, which did not charge any transaction fees. 'The lower stamp duty has helped reduce transaction costs, boosting liquidity and trading activity, which is beneficial for the overall market,' said Dickie Wong, director at the Institute of Securities Dealers in Hong Kong. Combined with near-zero margin financing costs, it has encouraged individual investors to subscribe to new IPOs, further supporting market turnover, he said. The ceremonial gong used by the Hong Kong Exchanges and Clearing Limited (HKEX) to mark the commencement of trading of a new stock went on a citywide road show on June 20, 2025, to commemorate the exchange's 25th anniversary. Photo: Edmond So The Hang Seng Index, the city's stock benchmark, has risen 20 per cent in the first six months of this year, outperforming major indexes globally despite the US-China trade war that started this April, roiling the market. Advertisement The stock market's capitalisation has risen 24 per cent to HK$40.9 trillion as at the end of May according to exchange data, as trading activity picked up. Average daily turnover reached HK$210.3 billion in May, a 50 per cent increase from a year ago, while daily turnover for the first five months averaged HK$242.3 billion, more than double the same period last year.
South China Morning Post
3 hours ago
- South China Morning Post
HKMA defends Hong Kong currency as higher US rates threaten trading band
The Hong Kong Monetary Authority (HKMA) intervened twice in the foreign exchange market overnight as gaping interest-rate differentials encouraged carry trades and pressured the local currency to the weak side of its trading band. The authority sold a total of US$3.775 billion during New York trading hours on Thursday, and bought the equivalent of HK$29.634 billion at HK$7.85 per dollar, it said in a statement on Friday. The moves would reduce the aggregate balance – a measure of the banking sector's liquidity – by the same amount to HK$114.541 billion on July 7, it added. The local currency traded at HK$7.8488 after the market intervention. The HKMA had earlier sold US$2.55 billion on July 1 and US$1.2 billion on June 26 in New York to defend the currency peg. Hong Kong pegged its currency to the US dollar in 1983 at HK$7.80 per dollar. In 2005, the HKMA introduced a narrow trading band, allowing its value to fluctuate between HK$7.75 and HK$7.85. Under the linked exchange rate system, the HKMA is obliged to intervene to preserve the trading band. The depreciation pressure came from carry trades, in which investors borrow in a low-interest-rate currency to invest in assets denominated in a higher-yielding currency. The overnight interbank rate in Hong Kong stood at 0.02 per cent, versus 4.3 per cent in the US. Local three-month bills currently yield about 0.58 per cent, while similar US Treasury bills pay 4.35 per cent. The gap is 'mouth-watering' for traders looking for profit from the rate differentials, according to Ryan Lam Chun-wang, head of Research for Hong Kong at Shanghai Commercial Bank.
