On Wednesday, the co-founder of short video platform Kuaishou, Su Hua, sold an approximately 1.3% stake in the company worth HK$3.78 billion ($483 million) in an off-market block trade, according to a regulatory filing. Part of the sale proceeds will go to charity via an irrevocable foundation, a move similar to other founders of Chinese tech companies acting under the “common prosperity” principle introduced by President Xi in mid-2021. The rest of the proceeds will be used to fund cutting-edge technology and infrastructure investment. Su Hua is still the major shareholder of the Hong Kong-listed company, owning 9.87% of the total shares and 38.08% of the voting rights. The sale of the chairman’s shares had no material impact on the company’s normal operations, Kuaishou said. [Yicai, in Chinese]
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