The H&H Evergreen Foundation is a left-of-center private foundation affiliated with Chinese-American billionaire investor, businessman, and donor Duan Yongping. The foundation is among the largest foundations in the United States but has virtually no public presence. It is one of at least two U.S.-based foundations that Duan has founded and endowed, with the other being the Enlight Foundation.

The H&H Evergreen Foundation was covered by Inside Philanthropy as part of its profiling of Duan as a “black box billionaire,” meaning that he utilizes a variety of organizational structures to mask the organizations that receive most of his giving in the United States circumventing traditional requirements for private foundations to disclose their grantees. The foundation obscures the vast majority of its giving by routing it through a donor-advised fund, and in 2022, it sent nearly $161 million to a Schwab Charitable account, accounting for 89.3% of the group’s payout that year. ^{1 2 3 4 5}

Background

The H&H Evergreen Foundation was formed in 2014 by Duan Yongping, a Chinese-American billionaire businessman and investor known for his founding of several smartphone brands in the domestic market in China and for several lucrative investments. He has been described as the “Chinese Warren Buffett” and the “godfather of China’s smartphone industry.” Duan funds a variety of nonprofits, universities, and advocacy groups in both China and the United States and has founded at least two U.S.-based organizations: the H&H Evergreen Foundation and the Enlight Foundation, which held $2.8 billion and $194 million in assets respectively at the end of 2022. ^{6 7 8 9}

Duan is known to be reclusive and does not typically speak to the media. In 2019, it was stated that he and his family lived in Palo Alto, California. ¹⁰

Activity

The H&H Evergreen Foundation is the largest of Duan Yongping’s U.S.-based foundations and is among the largest foundations in the United States in terms of assets. The foundation reported $2.5 billion in assets at the end of 2022, however, Inside Philanthropy reported that the foundation’s assets topped $4.2 billion at the end of 2023 making it among the largest in the United States despite its below-the-radar activity. The foundation was profiled by Inside Philanthropy as part of its coverage of “black box billionaires” profiling large, low-profile donors that contribute significant funds from foundations to donor-advised funds, which allows donors to conceal the final destination of the funds. In 2022, the H&H Evergreen Foundation sent nearly $161 million to a Schwab Charitable account, accounting for 89.3% of the group’s payout that year. Disclosed recipients have included the Glide Foundation, which received $19 million in 2022, and the Monterrey Peninsula Foundation. ^{11 12}

The foundation has no full-time staff, and its registered address is a mailbox at a UPS store in Menlo Park, California. Inside Philanthropy reported, “H&H prefers doing philanthropy in ‘a quiet way,’ said Eric Hu, a foundation representative.” ¹³  

The report on the foundation from Inside Philanthropy also noted, “The leader behind H&H is Duan Yongping, a Chinese billionaire tech mogul and investor, who has been one of two board members at the foundation since its 2014 launch. Attempts to identify the other board member, Xiaoyun Zhu, who receives $48,000 a year in compensation versus $0 for Duan, were unsuccessful. Duan is presumably also the donor behind H&H, but we can’t be absolutely sure. Nearly all contributions to the foundation have come from a complex array of holding companies, funds, and charities across Hong Kong, the British Virgin Islands, and China. Duan reportedly lives in Palo Alto.” ¹⁴

1. Kavate, Michael. “Meet the Black Box Billionaires: Are These America’s Most Secretive Megadonors?” Inside Philanthropy. July 10, 2024. Accessed July 27, 2024. https://www.insidephilanthropy.com/home/2024/7/10/meet-the-black-box-billionaires-are-these-americas-most-secretive-mega-donors
2. Return of a Private Foundation (Form 990-PF) H&H Evergreen Foundation. 2022. https://projects.propublica.org/nonprofits/organizations/465066162/202421159349101832/full
3. “Enlight Foundation.” ProPublica Nonprofit Explorer. Accessed July 27, 2024. https://projects.propublica.org/nonprofits/organizations/201063909
4. “The Chinese Warren Buffett” Duan Yongping’s Low-Stakes Pleasure: Riding the Reverse Gamma Squeeze Wave on NVIDIA.” MooMoo Technologies Inc. March 28, 2024. Accessed July 27, 2024. https://www.moomoo.com/community/feed/the-chinese-warren-buffett-duan-yongping-s-low-stakes-pleasure-112172709969926
5. Tao, Li. “Meet the ‘godfather’ of China’s smartphone industry.” Tech In Asia. February 5, 2019. Accessed July 27, 2024. https://www.techinasia.com/meet-godfather-chinas-smartphone-industry
6. Return of a Private Foundation (Form 990-PF) H&H Evergreen Foundation. 2022. https://projects.propublica.org/nonprofits/organizations/465066162/202421159349101832/full
7. “Enlight Foundation.” ProPublica Nonprofit Explorer. Accessed July 27, 2024. https://projects.propublica.org/nonprofits/organizations/201063909
8. “The Chinese Warren Buffett” Duan Yongping’s Low-Stakes Pleasure: Riding the Reverse Gamma Squeeze Wave on NVIDIA.” MooMoo Technologies Inc. March 28, 2024. Accessed July 27, 2024. https://www.moomoo.com/community/feed/the-chinese-warren-buffett-duan-yongping-s-low-stakes-pleasure-112172709969926
9. Tao, Li. “Meet the ‘godfather’ of China’s smartphone industry.” Tech In Asia. February 5, 2019. Accessed July 27, 2024. https://www.techinasia.com/meet-godfather-chinas-smartphone-industry
10. Tao, Li. “Meet the ‘godfather’ of China’s smartphone industry.” Tech In Asia. February 5, 2019. Accessed July 27, 2024. https://www.techinasia.com/meet-godfather-chinas-smartphone-industry
11. Kavate, Michael. “Meet the Black Box Billionaires: Are These America’s Most Secretive Megadonors?” Inside Philanthropy. July 10, 2024. Accessed July 27, 2024. https://www.insidephilanthropy.com/home/2024/7/10/meet-the-black-box-billionaires-are-these-americas-most-secretive-mega-donors
12. Return of a Private Foundation (Form 990-PF) H&H Evergreen Foundation. 2022. https://projects.propublica.org/nonprofits/organizations/465066162/202421159349101832/full
13. Kavate, Michael. “Another Tech-Fueled, Multibillion-Dollar Foundation. Have You Even Heard of It?” Inside Philanthropy, July 3, 2024. Accessed July 27, 2024. https://www.insidephilanthropy.com/home/2024/7/3/another-tech-fueled-multibillion-dollar-foundation-have-you-even-heard-of-it
14. Kavate, Michael. “Another Tech-Fueled, Multibillion-Dollar Foundation. Have You Even Heard of It?” Inside Philanthropy, July 3, 2024. Accessed July 27, 2024. https://www.insidephilanthropy.com/home/2024/7/3/another-tech-fueled-multibillion-dollar-foundation-have-you-even-heard-of-it