april 2016 =Pony Ma, Tencent's chief executive, will give the shares to a new foundation for mainland projects in health, education and environmental conservation, among other issues, his company said.
The donation -- which will vest over several years -- appears to be the largest ever by a single individual in China, where there is great public mistrust of charitable organisations battered by years of scandal.
"After 10 years of exploration and participation in philanthropic activities, I increasingly feel that a longer-term and more organized way is needed to give back to society," Ma said.
Pony Ma is the 34th richest man in the world with a net worth of $20.2 billion, according to Bloomberg's ranking of billionaires.
China's top businessmen fall far behind their Western counterparts in corporate social responsibility.
In 2014, Jack Ma and Joe Tsai, co-founders of rival Internet behemoth Alibaba, pledged to establish a philanthropic trust funded with shares in the company estimated to be worth $3 billion at the time.
But the country's most generous donor last year was He Xiangjian, founder of appliance maker Midea, who gave 400 million yuan ($61.7 million), according to data compiled by Harvard University's Kennedy School of Government.
"In China, both donors and recipients have to pay taxes on donations. Many entrepreneurs find it hard to find a