BETA
This is a BETA experience. You may opt-out by clicking here

More From Forbes

Edit Story

Online Image Supplier Spawns China's Latest Billionaires

This article is more than 8 years old.

Wu Chunhong, along with Liao Daoxun and his wife, are among the latest new billionaires to be created in China from a stock rally that has pushed prices to seven-year highs.

Wu holds 14.6% of Visual China, a supplier of online images and content, and Liao, with his wife Wu Yurui, own 26.6%. Wu’s stake was worth $1 billion at today’s closing price of 64.35 yuan. The Liaos stake was worth $1.7 billion after discounting for collateralized shares.  Liao Jie, 49, son of Liao Daoxun, chairs Visual China;  Amy Liang, daughter of Wu Chunhong is the president.  The company changed its name from Far East Industrial Stock last August to Visual China Group.

Also becoming a billionaire this week is Zhong Hangen, 51, chairman of Jiangsu Huifeng Agrochemical, a Shenzhen-listed chemicals company. Zhong’s 53% stake was worth $1.2 billion today, after discounting for collateralized shares.

Guan Yanbin, 60, chairman of Sunflower Pharmaceutical Group, has also become a billionaire.  Sunflower listed at the Shenzhen Stock Exchange last December, raising 1.3 billion yuan, or $215 million by issuing 36.5 million shares at 36.53yuan. Shares have gained more than 200% since,  and Guan’s stake was worth $1.2 billion at today’s closing price of 131.85 yuan.

--with Maggie Chen

--Follow me @rflannerychina