Stock Exchange Rise Brings Ultra High Wealth to Chinese Executives

Stephen Harris

3 January 2007

According to Chinese state media, the top 50 executives of companies listed on the country’s soaring stock market are now worth more than $5 billion. Whilst none of the top 50 was worth less than 200 million yuan ($25 million), half of the top 50 executives saw their stock portfolios break the 500 million yuan mark. Suning Appliance Co, one of China's largest home appliance chain stores has quadrupled in value in 2006, making chairman Zhang Jindong China's richest executive. His holding in the company is now worth an estimated 9 billion yuan, according to the report. Second place goes to Lu Guanqiu, chairman of Wanxiang Group, who has shares in Chengde Lulu, a beverage maker, and Wanxiang Qianchao Company, an auto parts manufacturer. The benchmark Shanghai Composite Index rose 130 per cent during 2006, hiting a record high of 2,675 on the last trading day of 2006.