Chen Tianqiao

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]

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
OccupationCo-founder of Shanda Group and Tianqiao and Chrissy Chen Institute
Spouse(s)Chrissy Luo

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, 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. 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. "Missing China mogul reappears in Singapore with US$1 billion for brain research". Today. Retrieved 16 August 2017.
  2. Rashiwala, Kalpana (Jan 20, 2017). "Shanda gaming co-founder buys GCB for $23 million". The Business Times.
  3. "Chinese billionaire with ambitions to reshape investment models". Financial Times.(subscription required) (published 12-26-2016)
  4. "Billionaire's gamble on distressed US firm reflects growing confidence of Chinese investors". SCMP. (published 01-25-20)
  5. "Chinese Donors Step Up Giving to American Universities". The Chronicle of Higher Education. (published 12-21-20)
  6. "House of Flying Fingers". Forbes. (published 05-23-20)
  7. "Hurun Report Releases China Rich List 2017 in Association with 36G". Hurun Report. (published 10-12-2018)
  8. "The World's Billionaires: #828 Chen Tianqiao". Forbes. 3 October 2010. Retrieved 24 June 2010.
  9. "With A New Gift, Chinese Games Billionaire Takes Step To Treat Brain Diseases". Forbes. (published 11-02-2017)
  10. "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. 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. "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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