More tycoons seen in Chinese garment making sector
by Tiffany Zhu and Michelle Phong
2456.com, Hong Kong
According to the 2014 China Rich List of Hurun Report published by the UK Forbes magazine, a number of Chinese textile entrepreneurs became some of the wealthiest people in the country as their companies were listed and the Chinese stock markets surged last year.
In 2014, the total assets owned by the wealthiest group in China amounted to US$280 billion, up from US$116 billion. Among the 400-people list, 66 of them had an asset value of more than US$1 billion, compared to 15 only in the previous year.
The Forbes magazine said it showed China has become one of the countries that produce billionaires.
Russell Flannery, Associate Editor (Asia). Shanghai Bureau Chief, Forbes who complied the list said almost all the rich people listed gained their wealth in the capital markets (aka stock markets). This made the statistics more transparent as more of the financial information of these senior management and shareholders is open to the public. The new wealth also brought new responsibilities to these new riches as the listed companies are now accountable for the shareholders among members of the public in China and overseas.
The China’s rich list was made according to personal wealth. For those tycoons running a private company, their wealth is calculated based on an estimated book value of the companies they own, or by estimating with similar listed companies. When the companies are listed both on the mainland and Hong Kong, financial data given in Hong Kong was adopted. Contrary to the Forbes international rich list, the China list includes not only individuals, but also families as a unit of the wealthy
Bosideng is a well-known down garment brand in China
China’s biggest down maker, Bosideng International Holdings Ltd (æ³¢å¸ç™»), was listed last October in Hong Kong and its President Gao Dekang (高德康) became the richest person in the country’s textile industry. His rank in the rich man list climbed from 73th to 32th.
Ding Shizhong, chairman of Anta
Earlier in July last year, another mainland textile manufacturer, Anta (安è¸), launched its initial public offering in Hong Kong and its overseas offering was the largest among the Chinese domestic sports wear brands. With the spectacular offering, its chairman, Ding Shizhong (ä¸å¿—å¿ ) and his family became the 40th wealthiest person(s) in China.
Ranking the 50th is also a sports apparel maker, Chen Yihong (陳義紅), who owns China Dongxiang (å‹•å‘體育).
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