Hupan University, a school for entrepreneurs established by Alibaba founder Jack Ma along with eight other high-profile figures, shared its achievements at its five-year anniversary on Oct 20, local media reported.

The university has very strict admissions requirements. It only accepts candidates who have at least three years of experience running their own businesses, employ at least 30 people, and have an annual revenue exceeding 30 million yuan ($4.5 million). They must also obtain three recommendations, at least one of which must be chosen by the university.

According to the university, a total of 254 entrepreneurs among 11,788 applicants have been admitted to the school over the past five years. Together, they employ over 1 million people. The average age of those admitted is 38, and they have been involved in business for an average of 11 years.

The school have offered 271 classes, over half of which were taught by entrepreneurs from both internet companies and traditional industries. A total of 246 interviews and thesis defenses were carried out in 2019, with most of the interviews being done by senior students.

Hupan University opened on Jan 26, 2015 in the West Lake scenic area. Unlike a traditional MBA (Master of Business Administration) school, it aims to imbue up-and-coming entrepreneurs with a strong sense of social and moral responsibility.

The university is funded by donations from entrepreneurs and students.

The new Cangqian Campus, located at No 9 Lixian Rd, Yuhang district, opened on the day of the university's five-year anniversary.