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Chen Tianqiao

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In this Chinese name, the family name is Chen.
Chen Tianqiao
陈天桥
Chen in 2015
Born1973 (1973)
Xinchang County, Zhejiang, China
Alma materFudan University
Occupation(s)Co-founder of Shanda Group and Tianqiao and Chrissy Chen Institute
SpouseChrissy Luo

Chen Tianqiao (Chinese: 陈天桥; pinyin: Chén Tiānqiáo); born 1973)[1] is a Chinese[2] investor, businessman, and philanthropist.[3][4][5][6] His wealth is currently estimated at $4 billion.[7] Chen moved from Shanghai[8] to Singapore in 2009[1] and then to the Bay Area, California in 2017.[9] He co-founded the Tianqiao and Chrissy Chen Institute in 2016.[1]

Early life and education

Chen was born in 1973[1] in a city in the Zhejiang Province of the People's Republic of China.[10] With his father working as an engineer and his mother teaching middle school English, Chen and his little brother Danian grew up near Shanghai. In 1993[6] He earned a bachelor of arts degree in economics from Fudan University.[8]

Career

Chen joined the state-run property developer Shanghai Lujiazui Group in 1994, holding management positions[8] in the public relations office and also secretary of the chairman.[6] In 1998 he became vice director of the office of the president of Kinghing Trust & Investment.[8] Chen resigned from this role in 1999.[6]

He started Shanda Interactive Entertainment Limited as an online games company with his family in 1999.[3][6] He became board president. Shanda Interactive became the first Chinese online games company listed in the U.S. on Nasdaq in May 2004. Shanda is known for creating and promoting a freemium model for online games subscription in China.

The company became the largest Internet company in China by market capitalization in 2004.[11] In 2004 Chen was second on China's Hurun Review rich list.[12]

China Central Television voted him their leading "Rising Business Star."[10] He was put on the 100 Innovators Under 35 list put out by the MIT Technology Review.[13]

Shanda Group went private in early 2012, with Chen, his wife, and his brother keeping a combined 57% stake.[6]

Tianqiao Chen and his family sold all their stakes in Shanda Games in November 2014,[citation needed] after which Shanda Group refocused on investing.[10]

With Chen remaining chairman[5] and CEO, by early 2017 Shanda Group was the majority shareholder of Legg Mason, Lending Club,[2] and Community Health Systems.[14][15] It also had property operations in China and North America[2] and stakes in companies such as Sotheby's. Shanda sold its stakes in Sotheby's in 2017[3] and then it sold its stake Legg Mason later that year, and then Chen resigned as vice-chairman of the Legg Mason board.[4] Chen has invested in the venture funds Propel(x) and Ubiquity Ventures.[16]

Ranked on various rich lists,[8][17] Chen personally had $4 billion in net value in 2017 and was ranked as the 93rd richest person in Mainland China, according to the Hurun Report.[7][18]

In 2018, the Committee of 100 gave Chen an award for Lifetime Achievement as Tech Entrepreneur.[19]

Boards

Chen is chairman of the Shanda Group board of directors[5] and is also on the boards of various portfolio companies.[4][20]

Philanthropy

Chen and his wife have donated money to medical programs, education, and disaster relief in China and Mongolia.[21] Chen and his wife created the Tianqiao and Chrissy Chen Institute in 2016,[9] and set aside US $1 billion to the non-profit[22] to support fundamental brain research.[citation needed] The non-profit has funded and partnered with the Tianqiao and Chrissy Chen Institute for Neuroscience at Caltech,[9][22] and the Zhou Liangu Foundation and Huashan Hospital in Shanghai.[9] The couple was named Inside Philanthropy's 2017 Science Funders of the Year,[23] and that same year Chen was named one of Forbes Asia’s Heroes of Philanthropy.[24] According to Barron's, the Chens as of 2019 were dedicating much of their time to the institute, with a focus on "compiling data gathered from universities on post-doc programs into a white paper that should allow them to better understand the challenges postdocs face, including pressures to leave for industry." After the post-doctoral focus and a second documentary, Chen wanted the institute to "facilitate the integration of neuroscience, psychiatry, psychology, sociology, philosophy, and even religion" to study "who we are" as humans.[16]

Personal life

Chen is married to Qianqian "Chrissy" Luo.[6] They moved from Shanghai[8] to Singapore in 2009,[1] then from Singapore to the Bay Area of California in late 2017.[9] He is currently a resident of Menlo Park, California.[25] Chen bought in 2018 for $39 million a historic mansion built for Alice Gwynne Vanderbilt in 1881 on East 69th Street in the Upper East Side of Manhattan.[26] [27]

References

  1. ^ a b c d e "Missing China mogul reappears in Singapore with US$1 billion for brain research". Today. Retrieved 16 August 2017.
  2. ^ a b c Rashiwala, Kalpana (Jan 20, 2017). "Shanda gaming co-founder buys GCB for $23 million". The Business Times.
  3. ^ a b c "Chinese billionaire with ambitions to reshape investment models". Financial Times.(subscription required) (published 12-26-2016)
  4. ^ a b c "Billionaire's gamble on distressed US firm reflects growing confidence of Chinese investors". SCMP. (published 01-25-20)
  5. ^ a b c "Chinese Donors Step Up Giving to American Universities". The Chronicle of Higher Education. (published 12-21-20)
  6. ^ a b c d e f g "House of Flying Fingers". Forbes. (published 05-23-20)
  7. ^ a b "Hurun Report Releases China Rich List 2017 in Association with 36G". Hurun Report. (published 10-12-2018)
  8. ^ a b c d e f "The World's Billionaires: #828 Chen Tianqiao". Forbes. 3 October 2010. Retrieved 24 June 2010.
  9. ^ a b c d e "With A New Gift, Chinese Games Billionaire Takes Step To Treat Brain Diseases". Forbes. (published 11-02-2017)
  10. ^ a b c "Chen Tianqiao: the billionaire funding brain research". Moneyweek. (published 09-09-20)
  11. ^ "Chinese donors fund studies into acceptance of death". The Financial Times. (published 12-06-20)
  12. ^ "If I was a lowly official they would be proud". The Guardian. (published 11-08-20)
  13. ^ "The Complete TR100". MIT Technology Review. (published 10-01-20)
  14. ^ "Billionaire's gamble on distressed US firm reflects growing confidence of Chinese investors". South China Morning Press. (published 01-25-2018)
  15. ^ "Barkholz, D. Chen's 22% CHS stake carries clout – with or without a board seat. Modern Healthcare". Modern Healthcare. (published 08-17-2017)
  16. ^ a b Barron's accessed November 13, 2019
  17. ^ "China's Richest: #10 Chen Tianqiao". Forbes. Retrieved 24 June 2011. (2005)
  18. ^ "Hurun Report Global Rich List 2014". Hurun Report. Archived from the original on 2014-08-31. Retrieved 2014-08-21. (published 2014)
  19. ^ "Committee of 100 honors leaders who advanced U.S.-China relations". Asian American Press. (published 06-03-20)
  20. ^ "BRIEF-Legg Mason appoints Tianqiao Chen and Robert Chiu to its board". Reuters. (published 01-31-2017)
  21. ^ "China's Rising Philanthropy Presents the Next Big Brain Science Donor". Inside Philanthropy. (published 12-13-20)
  22. ^ a b "How a mind-controlled robotic arm paved the way for Caltech's new neuroscience institute", Los Angeles Times, Dec 6, 2016
  23. ^ "Philanthropy Awards, 2017", Inside Philanthropy
  24. ^ "Asia's 2017 Heroes Of Philanthropy", Forbes, Jun 28, 2017
  25. ^ "A Chinese Billionaire Is Using His Fortune to Unlock the Human Brain". Bloomberg. (published 12-21-2018)
  26. ^ "A Surge of High-Priced Closings, Including a Sale by Harvey Weinstein". The New York Times. (published 03-29-20)
  27. ^ "Online Gaming Billionaire Buys New York City 'Vanderbilt Mansion' For $39 Million". (published 03-15-18)
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