China’s rich and famous not as rich after stock market turmoil
China’s movie stars have taken a hard hit amid the ongoing financial turmoil in mainland and Hong Kong stock markets as the value of their equity investments shrink.
Zhao Wei, who starred in the recent hit Lost in Hong Kong, holds 1. 67 billion shares with her husband in Hong Kong-listed Alibaba Pictures, the film production arm of the Chinese e-commerce titan Alibaba Group. With the price of the stock falling 5.7 per cent this week, the couple saw the value of their investment shrink by HK$184 million.
However, Zhao has made some gains so far this year in Shenzhen listed Zhejiang Talent Television & Film. She has 1.17 million shares in company.
The stock, which closed at 82 yuan (HK$96.5)) on December 31, 2015, dropped to 77.65 yuan before a circuit breaker mechanism triggered the mainland stock markets to stop trading at 9:58am on Thursday. But the stock bounced back to 84.35 yuan on Friday after mainland markets resumed trading following the decision by the stock market regulator China Securities Regulatory Commission to suspend the circuit breaker mechanism effective from Friday.
Zhao subsequently saw her fortune in the stock increase by 2.75 million yuan.
Another mainland actress, Fan Bingbing, who has 1.29 million shares in Zhejiang Talent, saw her fortunes in the company rise by 3 million yuan so far this year.
However, mainland actor Huang Xiaoming saw the value of his investment in Shenzhen listed Huayi Brothers go down this week. Huang holds 3.6 million shares in Huayi, which saw its share price close Friday at 34.36 yuan, down 16.92 per cent for the week. As a result, Huang’s fortune dropped by 25.72 million yuan.
The Shanghai Composite Index rose 2 per cent on Friday to end the week at 3,186.41. The index is still down 10 per cent this week. Shenzhen’s index ended the week down 14.3 per cent.
The Hang Seng Index closed the week at 20,435.91, up 0.59 per cent on Friday, but was down 6.52 per cent for the week.