Latest news with #YuRenrong
South China Morning Post
12 hours ago
- Business
- South China Morning Post
What to expect as 2 Chinese universities founded by tycoons enrol first undergraduates
As China's university admissions season kicks off, some newly established, tycoon-funded universities are attracting national attention as they enrol their first undergraduate students. 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.'
South China Morning Post
19-02-2025
- Business
- South China Morning Post
Who is Yu Renrong, China's only chip delegate at Xi Jinping's symposium?
Yu Renrong, the only semiconductor executive to attend a symposium hosted by Xi Jinping with other Chinese entrepreneurs earlier this week, has quickly become the face of the nation's chipmakers . In a video released by the mainland's state broadcaster CCTV, the 58-year-old founder of Shanghai-listed Will Semiconductor – wearing a black coat – was seen sitting alongside Xiaomi founder Lei Jun and BYD founder Wang Chuanfu, while delivering a speech with papers in his hands. He was one of six entrepreneurs who spoke at the meeting, along with Huawei Technologies founder Ren Zhengfei. Yu's presence at the meeting, along with Alibaba Group Holding founder Jack Ma, Tencent founder Pony Ma Huateng and DeepSeek founder Liang Wenfeng, did not go unnoticed. On Wednesday, Will Semiconductor's shares jumped by the 10 per cent daily limit in Shanghai. Yu founded Will Semiconductor in 2007 and has made successful investments in other chip companies. He was China's 81st richest person with a net worth of US$4.72 billion, according to a list released by Forbes in November. In another list by Hurun Research Institute in November, he was called 'China's Semiconductor King' and dubbed the country's most generous person, with a donation of US$745 million for a new university, the Eastern Institute of Technology, in his hometown. Born in Ningbo, a coastal city in eastern Zhejiang province, Yu graduated from the Department of Electronic Engineering at Tsinghua University in 1990. His alma mater counts a number of other founders of Chinese semiconductor companies as alumni, including Zhao Weiguo, the former chairman of Tsinghua Unigroup; Zhao Lidong, of Enflame Technology, a leading graphics-processing unit developer; and Feng Chenhui of Maxscend Microelectronics, which makes radio frequency chips. After graduation, Yu joined Chinese information technology firm Inspur Group as an engineer and then took on executive roles at a few companies that distributed electronics components – before pivoting to chip design.
