Tencent Charity Foundation, the first of its kind in the Chinese Internet industry, has been approved and Tencent has donated RMB20 million as initial funds to the Foundation.

According to local reports, the Foundation has entered into strategic partnership with China Children and Teenager's Fund, China Youth Development Foundation, China Foundation for Poverty Alleviation and Jet Li One Foundation Project, to provide public welfare services as information transmission, online donations and online auctions. Local reports say it has received approval from government agencies, but it is still unclear the extent of that approval.

Guo Kaitian, councilor of the Foundation, has told local media that in addition to participating in environmental protection, education, cultural heritage conservation and poverty alleviation activities, they would also offer help to teenagers' growth and education by utilizing Tencent's 590 million registered QQ users.

Ma Huateng, chairman and CEO of Tencent, promised the company would allocate a part of their profit each year to the Foundation.

Source : http://www.chinatechnews.com/approval-for-chinese-internet-charity-foundation/