Promised a donation of millions but failed to deliver, China University of Mining and Technology sues student.

Compiled from The Paper
 
Case review
[5] On the morning of March 15, Wu You, an alumnus of China University of Mining and Technology and founding partner of Jinghu Capital, publicly responded via personal social media account to the matter of "failing to fulfill a donation of 11 million yuan to the alma mater," stating that the donation would be implemented as soon as possible.

 
 

Previously, Wu You was sued by his alma mater's foundation for failing to fulfill a pledge to donate 11 million yuan, and is now listed as a dishonest person subject to enforcement, unable to fly or stay in hotels.
 
At 10:39 on March 15, Wu You posted a video on social media responding to the donation matter. He said that during the celebration of his alma mater's 110th anniversary, he proposed donating Bitcoin worth 11 million yuan at the time, but the school stated that digital currency could not be used as a quantifiable standard for donations and could not accept Bitcoin. Thus, he decided to donate 11 million yuan in cash to the school and signed a donation contract. However, shortly after, his Bitcoin contract was liquidated, and his digital assets were nearly wiped out. Meanwhile, the overall downturn in the real economy and capital industries in recent years led to a severe liquidity crisis in the equity projects invested by Jinghu Fund, making them unable to exit. Key investors of Jinghu Fund also encountered systemic pressures and difficulties, and currently, Jinghu Capital's business is barely sustaining, with "the individual also falling into great difficulty."

 
 

In the video, Wu You also stated that before being sued by his alma mater's foundation, he had been in communication with the school. In mid-2021, he proposed a solution to donate the 46% income rights he held as a manager of Jinghu Fund to the school, but the school said it could not accept fund income rights and preferred the donation in cash. After that, communication between the two sides became difficult. He expressed that he would fulfill the donation as soon as possible.
 
 
《 [1] The People's Republic of China Civil Code
Article 658
The donor may revoke the gift before the transfer of the property rights of the gift. 
The provisions of the preceding paragraph shall not apply to notarized gift contracts or gift contracts that are not revocable by law, such as those for disaster relief, poverty alleviation, disability assistance, and other public welfare or moral obligations.
 
Article 660
A notarized gift contract, or a gift contract of a public welfare or moral obligation nature, such as for disaster relief, poverty alleviation, or disability assistance, that is legally irrevocable, if the donor fails to deliver the gifted property, the donee may request delivery.
If the gifted property that should be delivered in accordance with the preceding paragraph is damaged or lost due to the donor's intentional act or gross negligence, the donor shall bear liability for compensation.

 
 

 
[1] The author's perspective
Some netizens believe that China University of Mining and Technology won the case but lost face. After all, the alumni donation was a kind gesture to thank the alma mater for its nurturing grace. Since the donor encountered business difficulties, the school suing them over this seems somewhat heartless.
 
Other netizens argue that since the law stipulates that such gift contracts of a public welfare or moral obligation nature are irrevocable, it also takes into account the phenomenon of false donations. In recent years, many celebrities have gained reputation through false donations without actually fulfilling their donation obligations. Therefore, to eliminate such phenomena, this legal provision was established. But whether the alumni's donation was for fame or out of goodwill, they will pay the corresponding price for their words, which is the last lesson taught by their alma mater.