Stock Rout in Hong Kong Wipes out Fortunes of Billionaires
Three former billionaires lost more than 91% of their wealth due to the stock rout that is hurting small cap stocks. Huang Wenji suffered the biggest loss when his shareholdings in China Jicheng Holdings Ltd. plunged $1.9 billion since the crash began during trading hours of Tuesday.
“Huang Wenji suffered the biggest loss when his shareholdings in China Jicheng Holdings Ltd. plunged $1.9 billion.”
Wong Wing-wah and Wong Che-kwo, two more ex-billionaires whose civil engineering business Luen Wong Group Holdings Ltd. is linked to the same network, lost a combined $1.1 billion in the rout. The declines reduced their stakes by 91%. Shareholder activist David Webb had published a report highlighting vulnerabilities in some Hong Kong small-cap shares which subsequently tumbled this week.
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