More than 100 billionaires created 'in a month' amid share price rises in China
Entrepreneurs in the electronics and the machinery sectors are among more than 100 people who have become dollar billionaires over the past month because of the rise in stock prices in China, according to a media report.
Wen Yaogen, the chairman of the port machinery supplier Wuxi Huadong Heavy Machinery, along with his family is among the latest round of billionaires, the magazine Forbes said.
Wen, his wife Meng Zhenghua and son Wen Jie, own half of the business, according to the report.
Another new billionaire is Liang Qin and her husband Wang Yi.
They own 57 per cent of the Jiangsu-based electronic components maker Yangzhou Yangjie Electronic Technology.
Their stake was worth more than US$1 billion based on its share price last Wednesday and discounting collateralised stock, the report said.
Entrepreneurs from two machinery manufacturers were also among the new names on the billionaire list.
Chen Jinyue, the chairman of Ningbo BaoSi Energy Equipment, along with his wife Zhou Lina and son Chen Likun, own 58 per cent of the company.
An Shu, the chairman of high-tech equipment maker Suzhou SLAC Precision Equipment, also became a new billionaire last week and owns 69.4 per cent of its stock.
Huang Jinxiang, the chairman of Anhui Guangxin Agrochemical Co, is also on the list.
Huang and his wife’s shareholding in the pesticide maker is 57.6 per cent.
The benchmark Shanghai Composite Index rose 3.82 per cent in May.
A study released by accounting firm PricewaterhouseCoopers and the investment bank UBS said a new dollar billionaire was created in mainland China almost every week in the first quarter of this year, partly because of the stock market boom.
The 2015 Forbes Billionaires list released in March said the number of the super rich in mainland China had reached 213, an increase of 61 on the previous year, with 71 new faces on the list.
