The U.S. based T.T. & W. F. Chao Foundation has made a donation of US $2.6 million (approximately HK $20 million) to the Hong Kong University of Science and Technology (HKUST). This is the first big donation from overseas to HKUST which will be used to set up an Endowed Chair Professorship for the Institute for Advanced Study (IAS).
“I am very grateful to the Chao Foundation’s generous support for the IAS. The fact that the donation came from outside Hong Kong is particularly encouraging, as it signifies HKUST’s achievement is being recognized all over the world. I hope that more philanthropists will follow the Chao Foundation’s example.” President Paul Chu said.
T.T. & W. F. Chao Foundation was founded by Mr. T.T. Chao and his wife Mrs. W.F. Chu Chao. Mr. T. T. Chao is a pioneer in the chemicals and plastics industry in Asia and later in North America. He is also the Founder of Westlake Chemical Corporation, a NYSE listed company in the U.S., Titan Chemicals Corp. Bhd., Malaysia’s largest integrated petrochemical company which is listed on Bursa Malaysia, and Suzhou Huasu Plastics Company Ltd. in China. These companies own and operate facilities for the manufacture of petrochemicals, plastics, and fabricated plastic products in Asia and North America which serve the world markets.
“HKUST has built its world-class name as a fine education provider and a powerhouse for scientific discoveries. The Chao Family is proud to be a partner of HKUST, and we hope we would help IAS galvanize top talents into playing a key role in scientific innovation, and develop China into a preeminent scientific and technological center.” Mr. James Chao, son of T.T. Chao said.
Being a backbone of HKUST¡¦s 2005-2020 Strategic Plan, the IAS is dedicated to the advancement of knowledge to meet the great challenges of the 21st century, and to establish itself as the intellectual nerve center in Asia and beyond. It will be a global incubator of scientific breakthroughs and intellectual leaders, while nurturing gifted students and stirring public interest in new discoveries.
“This generous donation gives added momentum to the development of IAS. We’ll use the resources provided to attract the world’s brilliant minds to Hong Kong and lay down a solid foundation for driving research and teaching excellence at IAS.” President Paul Chu said.
The donation together with the Hong Kong Government’s matching grant scheme will bring a total of 30 million dollars for the setting up of the T.T. & W.F. Chao Endowed Chair Professorship for IAS at HKUST.
About T.T. Chao
Known as a pioneer in the chemicals and plastics industry in Asia and later in U.S., Mr. Ting Tsung (T.T.) Chao created a successful career spanning over 50 years. During his illustrious career, he founded numerous petrochemical and plastics fabrication companies throughout the globe, including plants in Taiwan, Singapore, Indonesia, Malaysia, China, Canada and the United States.
In 2005, Mr. Chao was honored as the first Asian to receive the Petrochemical Heritage Award from the Chemical Heritage Foundation in recognition of his pioneering role in the Asian plastics industry, his over fifty years of entrepreneurship and innovation and his contributions to worldwide development of the petrochemical industry and the betterment of humanity.
For more details, please visit the following URL:
http://www.westlakechemical.com
For media enquiries, please feel free to contact :
Luk Kam Wing
Tel: 2358 6306
Email: kluk@ust.hk
