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.

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 $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.

Dr. Huang established the private equity firm, Pasaca Capital Inc., in Los Angeles at the end of 2016. Since then, Pasaca has delivered on Dr. Huang's vision to set the world record for rapid growth on revenue, speed and scale within the first 5 years. Pasaca has now earned its place among other legendary businesses globally.

"As his alma mater, we are very proud that Wuhan University helped to cultivate such a global visionary entrepreneur like Dr Huang. We would like to express our sincere thanks to our alumnus Dr Huang and the 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.

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.

About Charles Huang PhD

Charles Huang, PhD is a Chinese American entrepreneur. 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 IPOs prior to becoming a celebrated business executive in private and publicly traded companies.

In 2016, Dr Huang founded Pasaca Capital Inc. in Pasadena, California with a focus on medical devices, pharmaceuticals, TMT, industrial & automation, and food ingredient sectors. 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.

Dr Huang was recently named "2021 Philanthropreneur of the Year" by the California State Assembly in recognition of the exceptional leadership. 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

Charles Huang Foundation is a nonprofit public benefit corporation with a mission to accelerate and encourage education, health-related research, and entrepreneurship on a global platform. The Foundation works in partnership with governments, foundations, corporations, and institutions to establish educational and business opportunities that maximize the potential of aspiring scholars, researchers, and entrepreneurs.

SOURCE Charles Huang Foundation