A 17% plunge in the shares of Chengdu Leejun Industrial on their first day of trading in China yesterday after a successful initial public offering last month added the cement equipment maker?s controlling He family to the country?s recently expanding number of former billionaires.
At the?25 yuan per share?IPO price last month, chairman He Yamin and daughter He Jia?s 285.6 million shares were worth 7.14 billion yuan, or $1.1 billion.? After yesterday?s? close of 20.78 yuan at the Shenzhen Stock Exchange, however, the value of their holding declined to 5.93 billion yuan, or $942 million.
The company?s shares tanked amid a downturn in mainland stocks fueled by worries about global growth and corporate earnings this year.? Shanghai?s main index closed at its lowest level in nearly three years on Thursday, before closing up 0.7% yesterday. The index lost more than a fifth in 2012. ??
China had a record 146 billionaires when the Forbes China Rich List was published last September, making the country home to the second-largest number of billionaires in the world. Liang Wengen of construction equipment maker Sany Heavy, Robin Li of web search company Baidu, and Liu Yongxing of the diversified New Hope Group topped the ranking.
Yet many of those fortunes have declined with the slide in stock prices. In Hong Kong, meanwhile,? the combined wealth of the 40 members of the new Forbes Hong Kong Rich List unveiled yesterday slipped by 7% in the past year (click here for article).
Leejun, whose customers include Cemex and Lafarge Group, reported revenue of 766 million yuan and net profit?of 295 million yuan in the first half of last year.? The?He family owns a 71% stake in the company.
? with Maggie Chen
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