The One Foundation, founded by the actor-philanthropist Jet Li, has been given approval to become a public charity in Shenzhen, the country s first for a former private foundation, a news conference was told yesterday.
The new Shenzhen One Foundation was now an independent legal entity and could raise money publicly.
The new identity meant One Foundation would no longer be restricted in raising money and using money for charity because it lacked legal identity.
Directors of the foundation include well-known entrepreneurs such as Wang Shi, chairman of China s largest listed real estate developer Vanke; Ma Yun, founder and chairman of the Alibaba Group; Ma Huateng, founder and chairman of Tencent; and Niu Gengsheng, founder and president of Inner Mongolia Mengniu Dairy Group.
The foundation also has a supervisory board of five members including government officials and media representatives.
The original registered fund of Shenzhen One Foundation is 50 million yuan (US$7.4 million).
After I became determined to do charity work in 2004, I encountered difficulties. I tried, I shed tears, but I never gave up, Jet Li said.
He said he would maintain the foundation s pursuit of one man, one yuan per month and the new management team of specialist entrepreneurs would make every penny count.
They would ensure all donations were used for charity and the directors would not seek remuneration from the foundation.
Li told CCTV in September last year that his foundation, formerly under the Red Cross Society of China, was facing a crisis and could be closed.
The foundation had initiated a three-year contract with the Red Cross Society of China when it was founded in 2007 and could only operate under the name of the Red Cross Society of China.
As a nongovernment foundation, it was difficult for One Foundation to be approved as a public charity in China.
Li applied to Shenzhen s civil affairs bureau Nov. 28 and the Shenzhen One Foundation won approval to be a public charity Dec. 3.
Shenzhen is a pilot city for NGO registration reform in China and receives favorable policies and support from the Ministry of Civil Affairs.
(By Tina Chen)
