Asia Pacific, Billionaire, Financial, Global Investment

Stock Rout in Hong Kong Wipes out Fortunes of Billionaires

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.”

~ Bloomberg

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.

Related Reports: Bloomberg, CNBC


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