A millionaire who made one fortune from Chinese electronics and another on the US stock market has become the first mainlander to win the honour of a lunch with Warren Buffett - and plans to imitate his mentor by giving away most of his money.
Just before midnight on June 29, Duan Yongping, 45, successfully outbid a Taiwan entrepreneur named Rocky Liang and agreed to pay a record US$620,100 for the right to have a power lunch with the world's most successful investment guru. He intends to take along his wife and six friends.
'I learnt so much from Warren Buffett and his investment philosophy. I want a chance to say thank you,' said a delighted Mr Duan after a week of tense bidding on eBay that began on June 22 at US$25,000. After 29 rounds, only two were left - Mr Duan, with the internet name 'fastisslow', and Mr Liang as 'magicyourlife'. The previous record for the lunch was US$351,000 last year.
The meal, later this year at the Smith & Wollensky steakhouse in Manhattan, has taken on an additional dimension with Mr Buffett's announcement that he will donate to charity 85 per cent of his US$44 billion fortune, or US$37.4 billion.
This means that Mr Duan and his friends will meet not only the world's second richest man but also the second biggest philanthropist in history, after Bill Gates, the founder and chairman of Microsoft.
Mr Duan is modelling his life on Buffett, who transformed a failing textile manufacturer into a US$142 billion US holding company by acquiring out-of-favour securities and businesses in dozens of industries.