Chiyu Banking Corporation
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Chiyu was explicitly created by Chen to create a sustainable business with profits to be devoted to education in Xiamen and the rest of Fujian province in China. Since its founding, it has spent more than HK$1 billion in education in the province, primarily through funding Jimei University and its related schools.
Bank of China (Hong Kong) gradually accumulated a 70% stake in Chiyu in the 1970s; the rest of the bank is held by the Jimei University foundation, the government of Xiamen Municipality City and minority shareholders.
On the 27th of March 2017, BOC Hong Kong (Holdings) Limited disposed of all of its 70.49% of interests in Chiyu., selling most of it to Xiamen International Investment Limited, a wholly owned subsidiary of Xiamen International Bank Co. Ltd, and part of it (6.18% of Chiyu) to the Committee of Jimei Schools.
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