Stocks News
- Billionaire-executives the big winners on China's booming stock markets
Date: 4-Jan-2007 Sources: (Xinhua Online)
Board Chairman Zhang Jindong of the Suning Appliance Company has become China's richest billionaire executive as the 200 million shares he holds in the company quadrupled in value last year.
While Zhang's shares put his estimated wealth at a minimum of nine billion yuan (1.1 billion U.S. dollars) he was far from the only executive to amass a fortune on China's bullish markets last year.
According to Tuesday's Beijing Youth Daily the country's top 50company executives are worth nearly 400 billion yuan.
None of the top 50 were worth less than 200 million yuan (25 million U.S. dollars) and half of the top 50 saw their stock portfolios break the 500-million yuan (61 million U.S. dollars) mark.
Lu Guanqiu, board chairman of Wanxiang Group, ranked second on the list of most wealthy executives. His shares in the Chengde Lulu, a beverage maker, and Wanxiang Qianchao Company, an auto parts manufacturer, rose by nearly 1.74 billion yuan.
Yuan Zhimin, Board Chairman and the largest shareholder of Guangdong Kingfa Science and Technology Co. Ltd, and general manager Song Ziming have seen the value of their shares surge to one billion yuan.
The newspaper attributed the sudden explosion of billionaire executives to shareholder reforms.
After stagnating for the past five years, China's stock markets finally turned bullish in the latter half of last year, with the benchmark Shanghai Composite Index surging to a new record of 2,675.47 points on the last trading day of 2006.
The State Information Center predicts that the value of China's stock markets could grow by 20-percent next year.
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