Yuan Liping signed an agreement delegating the right to vote to her ex-husband.
A new billionaire has emerged from one of the most expensive ruptures in Asia.
Du Weimin, President of Shenzhen Kangtai Biological Products Co., transferred 161.3 million shares of the vaccine manufacturer to his ex-wife Yuan Liping, according to a May 29 file, immediately catapulting her into the ranks of the wealthiest of the world.
The headline was worth $ 3.2 billion at the close on Monday.
Yuan, 49 years old this year, owns the shares directly, but has signed an agreement delegating voting rights to her ex-husband, according to the file. The Canadian citizen, who lives in Shenzhen, was director of Kangtai between May 2011 and August 2018. She is now deputy general manager of the Beijing Minhai Biotechnology Co. subsidiary Yuan holds a bachelor’s degree in economics from the University of international affairs and the Beijing economy. .
Kangtai’s shares have more than doubled in the past year and have continued to climb since February, when the company announced a plan to develop a vaccine to fight the coronavirus. They slipped for a second day on Tuesday after the announcement of the terms of the divorce, losing 3.1% at 9:43 a.m. in Hong Kong and bringing the company’s market value to $ 12.9 billion.
Kangtai shares have more than doubled in the past year and have continued to climb since February.
Du’s net worth has now dropped to around $ 3.1 billion, up from $ 6.5 billion before the split, excluding its announced shares.
The 56-year-old man was born into a farming family in China’s Jiangxi province. After studying chemistry at university, he started working in a clinic in 1987 and became sales director of a biotechnology company in 1995, according to the prospectus of Kangtai’s initial public offering in 2017. In 2009, Kangtai acquired Minhai, the Du company founded in 2004, and he became president of the combined entity.
China’s rapidly growing economy has been a driving force for the country’s wealthiest, and Du is not the only tycoon who has had to pay a high price for a divorce. In 2012, Wu Yajun, at one point the wealthiest woman in the country, transferred an estimated $ 2.3 billion stake to her ex-husband, Cai Kui, who co-founded developer Longfor Group Holdings Ltd. In 2016, tech billionaire Zhou Yahui donated $ 1.1 billion. of its online gaming company, Beijing Kunlun Tech Co., to ex-wife Li Qiong after a civil court settlement.
Sometimes a goodbye can also take a long time. The wife of South Korean tycoon Chey Tae-won filed a complaint in December for a 42.3% stake in SK Holdings Co. valued at $ 1.2 billion. That would make her the company’s second-largest shareholder in case she wins the deal, which is still ongoing.
The most expensive divorce in history is that of Jeff and MacKenzie Bezos. The founder of Amazon.com Inc. donated 4% of the online retailer to Mackenzie, who now has a fortune of $ 48 billion and is the fourth richest woman in the world.
– With the help of Pei Yi Mak and Yoojung Lee.
(With the exception of the title, this story was not edited by GalacticGaming staff and is published from a syndicated feed.)
