Pasadena, CA – The Charles Huang Foundation (CHF) has donated US$40 million to Wuhan University Education and Development Foundation (武汉大学教育发展基金会) in Wuhan, Hubei Province, China at the celebration ceremony of the Wuhan University’s 128th anniversary, to express the Foundation founder and Chairman Dr Charles Huang’s appreciation to his alma mater and to promote the development of advanced education, health research and growth-driven innovation. This philanthropic gift is the single-largest personal donation ever received by Wuhan University. Together with the US$70 million landmark grant given by CHF to the University of Strathclyde in the UK in September, Dr Huang has donated a total of US$110 million to his two alma maters through his philanthropic foundation this year.

The donation was formally made at a virtual signing ceremony held between Wuhan University campus in China and the Foundation headquarters in Pasadena, California, earlier today.

*Dr Charles Huang, Founder and Chairman of Charles Huang Foundation, and Professor Dou Xiankang, President of Wuhan University, jointly signed the grant agreement*

The US$40 million funding will be used to support 6 programs named after Innova Medical Group Inc and Pasaca Capital Inc. These programs are aimed to provide significant and long-lasting support for Wuhan University to attract and recruit top scholars, develop and create innovative and entrepreneurial talents with exceptional leadership skills, and advance research and teaching capabilities, especially in the field of Management Science at Wuhan University’s School of Economics and Management.

Dr Huang, Founder and Chairman of CHF said, “My study in Wuhan University signified the starting point of my journey to the world beyond and I deeply believe that all my achievements are based upon the excellent education that I received.”

“Today I’m fulfilling the promise I made to donate at least US$100 million of my personal wealth to my alma maters in China and the UK upon my firm achieving tremendous business goals within 5 years after its formation,” added Dr Huang.

As a very special and precious gift for the celebration of University’s 128th anniversary from Dr Huang, CHF has wired US$20 million, the first installment of the grant, to the University foundation account, before the signing ceremony.

“As his alma mater, we are very proud that Wuhan University helped cultivate such a global visionary entrepreneur like Dr Huang. We would like to express our sincere thanks to our alumnus Dr Huang and Charles Huang Foundation for this tremendously generous donation to the university, which will help us cultivate first-class innovative talents, enhance our capabilities in scientific research and innovation, and contribute to Wuhan University’s development into a world-class university with uniquely Chinese characteristics,” said Professor Dou Xiankang, President of Wuhan University.

*Dr Charles Huang’s Sister Accepted the Certificate of Donation from Secretary Han on behalf of CHF during the Signing Ceremony*

Following the completion of his bachelor’s degree in economics at Wuhan University, and MBA and PhD studies in the UK, Dr Huang joined James Capel (Now HSBC Securities) in Hong Kong where he became a pioneer in Chinese equity research. Later joining Crédit Lyonnais and BNP Paribas he was recognized as having “the Midas touch” because of his unrivaled stock selection skills and impeccable stock market calls. Dr Huang participated in and led over 20 IPOs prior to becoming a celebrated business executive in private and publicly traded companies.

In 2016, Dr Huang founded private equity firm, Pasaca Capital Inc. in Pasadena, California. With a focus on medical devices, pharmaceuticals, TMT, industrial & automation, and food ingredient sectors, Pasaca Capital seeks to improve the human condition globally. One of Pasaca Capital’s portfolio companies, Innova Medical Group Inc. is the global leader and the largest supplier of COVID-19 antigen rapid testing in the world with manufacturing facilities in the US, the UK, France, Singapore, and China. To date, Innova Medical Group has delivered more than two billion rapid tests worldwide.

*Daniel Elliott, President and CEO of Innova Medical Group, and President of Pasaca Capital commented on Dr Charles Huang’s donation during the interview*

"I’m honored to see that we have these very meaningful programs named after Innova and Pasaca," said Daniel Elliott, CEO of Innova Medical Group, and President of Pasaca Capital. "With his donation and the great work by professors and faculty, I’m certain Wuhan University will cultivate more brilliant minds like Charles and I look forward to seeing innovations and breakthroughs that will help make the world a better place."

*Charles Huang Foundation Leadership Team at the Signing Ceremony. Ms Jane Wang (CFO), Dr Charles Huang (Chairman), Dr CT Wang (Vice Chair), Dr Chris Mao (President)*

Charles Huang Foundation also made a US$70 million landmark philanthropic grant to the University of Strathclyde in Glasgow, Scotland, UK in September 2021. The grant, the largest ever single donation made to Strathclyde or any other Scottish university, will fund the construction of a new technology and innovation building and the creation of the Stephen Young Institute for International Business.

On November 1, 2021, Dr Huang was named “2021 Philanthropreneur of the Year” by the California State Assembly in recognition of the exceptional leadership he demonstrated while building the California-based private equity firm Pasaca Capital Inc. into a global evergreen fund with unprecedented scale and speed, and his commitment to improving the human condition by making large donations through his foundation. Pasaca Capital was also named“2021 Business of the Year”by the California State Assembly for its extraordinary contributions to the State of California and the world.

About Charles Huang Foundation’s Donation to Wuhan University

The US$40 million donation will mainly support six programs:

Pasaca/Innova Endowed Chair Fund: Attract and recruit world-leading scholars to advance research and teaching in management science, natural sciences, and medicine/medical/health-related areas.
Innova Excellence Scholarship Program: A merit-based scholarship program to reward the most outstanding and innovative students to encourage innovation in scientific research.

Innova Award for Undergraduate Innovation Achievement: Reward students with exceptional “Innovation, Originality and Entrepreneurship” achievements and help students develop innovation and entrepreneurship competence.

Innova International Exchange Scholarship Program: Help Wuhan University develop more creative and innovative talents with a global vision and international competitiveness through sponsoring scholarship exchanges with world-leading universities.
Innova Center for Innovation and Entrepreneurship: Construct a new building that will provide a best-in-class public platform and facilities in Mainland China to support undergraduate independent innovation, school-enterprise collaborative education, and entrepreneurship.
Pasaca Education Fund for the Economics and Management School of Wuhan University: A special Education Fund exclusively for the Economics and Management School to attract and recruit top-rated scholars and outstanding talents in the fields of Management Science, facilitate international exchange programs, and fund the Outstanding Academic Achievement Award.

Relevant Links

Charles Huang Foundation Chairman Makes Record-Breaking US$40 Million Donation to His Alma Mater, Wuhan University

Foundation Chairman Dr. Charles Huang Honored by California Joint AAPI Legislative Caucus

Innovative prosthetics technology company wins Strathclyde inaugural entrepreneurship award established through the Grant from the Charles Huang Foundation