Ai Luming sets up a 5 billion Yuan fund to support SMEs in Hubei

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Ai Luming, the founder and chairman of the Wuhan Contemporary Group and the chairman of the SEE Foundation (阿拉善公益基金会), has announced the establishment of a 5 billion Yuan fund dedicated to supporting small and medium-sized enterprises in Hubei province. Mr. Ai presented his project during the “2020 Phoenix Network Finance Cloud Summit” on May 11. The summit, organized by IFeng Finance, Shanghai Jiaotong University, Shanghai Advanced Finance Institute, and Peking University’s National Development Institute, was themed “Global Economy and Policy Choice”.

Mr. Ai explained that during the Covid-19 pandemic, individuals, businesses and society all need to think about the future and how to develop better. For this reason he has established the fund with his partner companies and the Yangtze River Fund (长江公益基金会) in Hubei Province. At the same time, they are also preparing to set up a larger fund to actively participate in the restructuring of some enterprises in Wuhan, hoping to allow them to better adapt to future market changes and get through this difficult period, and make better use of these companies’ market and innovation capabilities.

Ai added that no matter how the global economy changes, his fund believes that China still has a bright future. During the epidemic, they not only mobilized market capacity to guarantee the supply of medical supplies, but also organized thousands of volunteers to participate in various kinds of work. In addition, they made more than 100 million yuan in donations and played a corporate social responsibility role. They also organized donations in other countries, including Italy and some countries in West and East Africa, after the epidemic eased slightly within China.