19-03-2018, 06:48 PM
Hong Kong's Richest Woman Loses Half Her Wealth on Stock Plunge
By Sofia Horta E Costa
March 19, 2018, 1:58 PM GMT+8 Updated on March 19, 2018, 4:20 PM GMT+8
Pollyanna Chu has lost her title as Hong Kong’s richest woman after her listed company turned into Asia’s worst performer this year.
Worth almost $12 billion as recently as January, she’s seen more than half of her wealth wiped out as the stock crashed. Kingston Financial Group Ltd., which operates businesses including Macau casinos and margin lending, has tumbled 50 percent since Hong Kong’s securities regulator in January warned investors that the company’s shares were overly concentrated among a small number of stockholders.
Kingston Financial plunged 8.7 percent on Monday after FTSE Russell, one of the world’s most-followed index providers, removed the stock from its benchmarks. For its financing, the firm relies largely on unsecured loans provided cheaply by Chu and her family, according to January analysis from activist investor David Webb. The stock is the worst performer on MSCI Inc.’s Asian gauge this year, after surging 88 percent in the last quarter of 2017.
More details in https://www.bloomberg.com/news/articles/...ock-plunge
By Sofia Horta E Costa
March 19, 2018, 1:58 PM GMT+8 Updated on March 19, 2018, 4:20 PM GMT+8
Pollyanna Chu has lost her title as Hong Kong’s richest woman after her listed company turned into Asia’s worst performer this year.
Worth almost $12 billion as recently as January, she’s seen more than half of her wealth wiped out as the stock crashed. Kingston Financial Group Ltd., which operates businesses including Macau casinos and margin lending, has tumbled 50 percent since Hong Kong’s securities regulator in January warned investors that the company’s shares were overly concentrated among a small number of stockholders.
Kingston Financial plunged 8.7 percent on Monday after FTSE Russell, one of the world’s most-followed index providers, removed the stock from its benchmarks. For its financing, the firm relies largely on unsecured loans provided cheaply by Chu and her family, according to January analysis from activist investor David Webb. The stock is the worst performer on MSCI Inc.’s Asian gauge this year, after surging 88 percent in the last quarter of 2017.
More details in https://www.bloomberg.com/news/articles/...ock-plunge
Specuvestor: Asset - Business - Structure.