Li Ping, a polymers major in the class of 1985 from Fudan's Department of Materials, is the co-founder of Chinese battery giant CATL. He and Liao first learned about the university's plan of establishing an advanced studies institute in November, and quickly hit it off after rounds of discussion.

"We feel China has come to the stage where it can make some contributions to the whole of humanity and world in the fields of natural sciences and basic sciences," said Li.

The institute will also be equipped with an academic council consisting of high-level international scholars, including Nobel Prize winners. Nobel laureate in chemistry Michael Levitt, a member of the academic council, said he expected the institute to blend the best of Eastern and Western academics and become a global leader in advanced studies. "We hope scholars from various fields across the world can gather here, to carry out in-depth, long-term and forward-looking original researches."