(Yicai Global) July 26 -- Major Chinese home appliance maker Midea Group Co. [SZ:000333] will donate CNY6 billion (USD888 million) to charity in the nation's southern province of Guangdong, founder He Xiangjian said.

He plans to put 100 million Midea stocks and CNY2 billion in cash into the Guangdong He Foundation to help to promote poverty alleviation through education in the province, particularly in Foshan city, where his company is headquartered.

The billionaire sold over 32 million Midea shares through block trading in May this year, cashing out CNY1.12 billion. Market participants believed this was a major cash-out opportunity for shareholders until a subsequent statement from the firm clarified that the money was for charity.

He set up the charitable foundation for medical treatment, elderly care, innovation and entrepreneurship in December 2013, after handing Midea over to professional management teams. It was originally named He Xiangjian Foundation.

Midea's A-share price has risen in recent years, with the its market cap reaching CNY281.8 billion (USD41.746 billion) at close on July 24 to make Midea the most valuable listed company on the Shenzhen Stock Exchange.