The new female billionaire emerged from one of Asia’s most expensive divorces.
Du Weimin, the chairperson of Shenzhen Kangtai Biological Products Co. on May 29 this year transferred 161.3 million shares of the vaccine maker to his now former wife, Yuan Liping.
The wife now earns a spot in one of the world’s richest. According to Bloomberg, the stock was worth $3.2 Billion as of 1 June 2020.
The now billionaire Ms. Yuan, 49, owns the shares directly; however, the voting rights still goes to the ex-husband. Meanwhile, Mr. Du’s net worth dropped from $6.5 billion to $3.1. billion, excluding his pledged shares.
A Canadian citizen currently residing in Shenzhen, China, Ms. Yuan served as a director of Kangtai from 2011 to 2018. She is now the vice general manager of subsidiary Beijing Minhai Biotechnology Co.
Mr. Du, 59, founded Kangtai in 2004. Later on, he acquired Minhai in 2009, becoming the chairperson of the merged companies.
Kangtai shares doubled in the past year. The company also committed to develop a vaccine to fight COVID-19.
Nevertheless, MR. Du was not the only one to pay the price of the country’s costly divorce agreements.
In 2012, then China’s richest woman Wu Yajun transferred her stake worth $2.3 Billion to her ex-husband.