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

Compiled from The Paper
 
Case review
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 his personal social media account to the matter of “failing to fulfill a 11 million yuan donation to his alma mater,” stating that he would make the donation as soon as possible.

 
 

Previously, Wu You was sued by his alma mater's foundation for failing to fulfill a 11 million yuan donation commitment. He is now subject to enforcement for dishonesty, barred from taking flights and staying in hotels.
 
At 10:39 on March 15, Wu You posted a video on social media responding to the donation matter. He stated that on the occasion of celebrating his alma mater’s 110th anniversary, he proposed to the school whether he could donate Bitcoin, which was then worth 11 million RMB, but the school said that digital currency could not serve as a quantifiable standard for donations and could not accept Bitcoin. He therefore decided to donate 11 million RMB to the school and signed a donation contract. Not long afterward, however, his Bitcoin contracts were liquidated, and his digital assets were reduced to nearly zero. At the same time, in recent years, the overall performance of the real economy and capital industry has declined, and the equity projects invested by Mirror Lake Fund have encountered a severe liquidity crisis and cannot be exited. Key capital contributors to Mirror Lake Fund have also encountered systemic pressure and difficulties. At present, Mirror Lake Capital’s business is barely being maintained, and “I personally have also fallen into tremendous difficulty.”

 
 

In the video, Wu You also stated that he had maintained communication with his alma mater before being sued by its foundation. In mid-2021, he proposed a solution to the school, offering to donate his 46% income rights as fund manager of Jinghu Fund to the school. The school said it could not accept fund income rights and hoped the donation would still be in cash. After that, communication between the two sides became difficult. He said he would fulfill the donation as soon as possible.
 
 
The [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.