The news that Yu Renrong, known as the "richest person in China's chip industry", donated a market value of about 2.8 billion yuan without compensation has attracted high attention from the industry.

On October 11th, Shanghai Weier Semiconductor Co., Ltd. (hereinafter referred to as "Weier") announced its plan for its controlling shareholder to donate a portion of the company's shares free of charge. The company's controlling shareholder, Yu Renrong, donated 25 million unrestricted shares of the company to the Education Foundation of Ningbo Oriental Institute of Technology, accounting for 2.06% of the company's current total share capital.

Image source: Screenshot of Weir Corporation's announcement

According to the calculation of 11.195 billion yuan per share of Weil Shares on October 11th, the market value of the 25 million shares donated by Yu Renrong this time is about 2.8 billion yuan. As of the announcement disclosure date, Yu Renrong holds 358472250 shares of Weir Corporation, accounting for 29.52% of the company's current total share capital.

It is reported that Yu Renrong's large donation this time is mainly to support the development of education, to support the approval and construction of Ningbo Oriental Institute of Technology, to provide various personnel, scientific research and teaching resources needed for infrastructure projects and the establishment of the school, and to support the Ningbo Oriental Institute of Technology Education Foundation to carry out charitable and public welfare activities.

The announcement points out that according to the relevant indicators requirements of the Ministry of Education and the National University Evaluation Committee on the establishment of ordinary undergraduate universities and new research-oriented universities, when applying to the Ministry of Education for formal establishment, sufficient asset proof to support the construction and stable development of the school must be provided. The stock donation of Mr. Yu Renrong received by the Oriental Institute of Technology Foundation and the Yu Renrong Education Foundation is an important component of the school's assets and an important financial guarantee to ensure the sustainable development of the school after its establishment.

According to the information, Weil Corporation is a Fabless chip design company mainly engaged in chip design business. Its business mainly consists of three major business systems: image sensor solutions, display solutions, and simulation solutions. Its products have been widely used in consumer electronics and industrial applications.

According to market research firm TrendForce, Weir Group is one of the top ten fabless semiconductor companies in the world. As of the close on October 11th, the market value of Weir Corporation was 136 billion yuan.

As early as 2020, the Ningbo Municipal Government agreed with Yu Renrong to build a new research-oriented university with world-class and engineering characteristics in Ningbo, focusing on disciplines related to the entire integrated circuit industry chain, gathering leading talents in world-class disciplines, and gathering high-level research teams. At the end of the following year, both parties officially signed a cooperative education agreement and named the newly established school Ningbo Oriental University of Technology.

It is reported that the total investment of the school is 46 billion yuan, of which the Ningbo Municipal Government has invested 16 billion yuan to select the school site and plan a total land area of about 2300 acres (about 1.5 million square meters), and the Yu Renrong Education Foundation has invested 10 billion yuan in the construction of university infrastructure. On this basis, more than 20 billion yuan of educational funds will be invested to ensure the university's talent cultivation, scientific research, international exchanges, and basic operating expenses.

At the end of December 2022, Ningbo Oriental Institute of Technology officially started construction. According to the plan, within 10 years, the core professors or independent PIs of the school will reach 600 people.