The Lu Guanqiu Sannong Fuzhi Fund, whose initial trust property is the entire equity of the Wanxiang Sannong Group Limited Company, completed its charitable trust establishment on October 8, 2018. The Wanxiang Sannong Group Limited Company was established by Lu Guanqiu and Lu Weiding in 2000, with a contribution of 600 million yuan. Moreover, its property scale is over 6 billion yuan. According to data from Charity in China, China has registered 110 charitable trusts with an approximate amount of 16 billion yuan. The Lu Guanqiu Sannong Fuzhi Fund is now the largest charitable trust in China, both from the point of view of its contribution amount and of its property scale.
The new fund is a permanent charitable trust, and it was established by Lu Weiding to honour the memory of his father Lu Guanqiu, the founder of the whole Wanxiang Group and its chairman. Lu Guanqiu was a famous enterpreneur in China who focused on rural development, agricultural modernization and the improvement in farmers’ lives. In 2017, the Wanxiang Sannong Group’s revenue was 5,370 million Yuan, with 1,300 million of net profit. All properties and profits of the Lu Guanqiu Sannong Fuzhi Fund charitable trust are to be used for philanthropic purposes to help the development of rural areas.