Suning Gains as Struggling Chinese Retailer Appoints Ex-Sun Art Head as Chairman Wang Hai Suning Gains as Struggling Chinese Retailer Appoints Ex-Sun Art Head as Chairman
(Yicai Global) July 30 Shares in Suning.com jumped as much as 6 percent today after the ailing Chinese retailing giant announced that it had appointed the former chairman of hypermarket operator Sun Art Retail Group, and the force behind the success of the RT Mart chain, as its new chairman.
Suning.com’s share price [SHE:002024] was trading up 1.38 percent at CNY5.89 (USD0.91) at 2 p.m. China time today. Earlier in the day it had reached CNY6.15. Yesterday the firm’s stock soared by the exchange-imposed limit of 10 percent.
A manager and an investor of a Sichuan Bitcoin mining farm told Caixin about how they had been building their wealth during China’s crypto gold rush and now they couldn’t do that anymoreJul 29, 2021 09:24 PM
Asiaâs Former Richest Man Faces Escalating Debt Crisis
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Hui Ka Yan speaks during a news conference on the sidelines of the fourth session of the 12th National People s Congress on March 6, 2016 in Beijing, China.
Etienne Oliveau/Getty Images
Chinese real estate tycoon Hui Ka Yan is rapidly slipping down the wealth rankings. He net worth dropped another $3.35 billion this week, as shares of his Evergrande tumbled 26%.
The companyâs Hong Kong-listed shares have plunged 68% over the past year, and analysts say the once resourceful tycoon appears to be running out of options to avert a mounting debt crisis. Itâs a dramatic turn of events for Hui, who had been crowned Asiaâs richest person just four years ago, when his net worth peaked at $45.3 billion. Today, his fortune currently sits at $17.2 billion and thereâs no telling how much further it may drop.
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Suning Chairman Resigns After Bailout, Underscoring Volatility Among China s Richest forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.