Executives hit rich thanks to strong markets
4 January 2007
China's top 50 company executives saw their collective wealth reach US$5.1 billion in 2006 on the back of strong stock market performances, AFP reported, citing state media. Zhang Jindong, chairman of home appliance chain Suning, led the way, with his 210 million shares quadrupling in value to US$1.1 billion. Wanxiang Group chairman Lu Guanqiu came in second thanks to strong performances by beverage make Chengde Lulu and auto parts producer Wanxiang Qianchao. None of the top 50 was worth less than US$25.6 million and half saw the value of their portfolios exceed US$63.9 million. The transfer of state-held non-tradable shares into ordinary stock is said to be behind the rejuvenation in China's stock markets, which is expected to grow 20% in 2007 having posted a gain of 130% for the previous year.