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Chinese motorcycle tycoon donates $735,000 to Guangxi flood relief
The donation follows the founder clearing a 100-million-yuan corporate debt shortly before the floods in southern China that reportedly killed 39 people.
SCMP Economy reports that Chinese motorcycle tycoon Zhang Xue has donated five million yuan, about US$735,000, to flood relief efforts in Guangxi after the region was hit by heavy rains and dam breaches.
The outlet said Zhang, the founder of motorcycle manufacturer ZXMOTO, posted on social media that the company would give the money to the Guangxi Charity Federation for disaster relief work.
SCMP Economy also noted that Zhang cleared a 100-million-yuan debt shortly before the floods, which reportedly included personal borrowing used to repurchase shares and a shortfall in the company’s registered capital.
The report added that Guangxi came under global attention when French rider Valentin Debise won two races in the WorldSSP class in March on ZXMOTO’s 820RR-RS model.