Founded in 2016 by Charles Chen Yidan, Yidan Prize has a mission to create a better world through education. Yidan Prize consists of two awards: Yidan Prize for Education Research and Yidan Prize for Education Development. Yidan Prize Laureate receives a gold medal and a total sum of HK$30 million (US$3.9 million) including a cash prize of HK$15 million (US$1.9 million) and a project fund of HK$15 million. To ensure transparency and sustainability, the prize is managed by Yidan Prize Foundation and governed by an independent trust with an endowment of HK$2.5 billion (US$320 million). Through a series of initiatives, the prize serves to establish a platform that allows the global community to engage in conversation around education and to play a role in education philanthropy.