Divorce settlement leaves ex-wife of Ultrapower chairman 1.5 billion yuan richer
Ultrapower chairman Wang Ning loses half his company shares in divorce settlement
Wang Ning owned more than 84 million shares in the company, half of which were handed to his wife An Mei in the settlement on Monday.
The loss took Wang’s ownership stake from 13.78 per cent to 6.89 per cent, knocking him off his spot as majority stakeholder to the company’s number three.
Ultrapower is an IT and telecommunications service provider, headquartered in Singapore with about 4,000 employees worldwide.
“Approximately one-third of high-net-worth individuals and one-half of ultra-HNWIs – defined as individuals with at least 100 million yuan in investable assets – now consider wealth inheritance planning”, the report said.
More than half of ultra-HNWIs are interested in establishing family trusts, while 15 per cent have already done so, according to the report.
Launched in 1999, the Growth Enterprise Market was intended to be Hong Kong's equivalent of the United States' Nasdaq market and give companies with no profit record an opportunity to list.