Top 10 biggest losers of wealth in China 2011
- By Zhang Junmian
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E-mail China.org.cn, February 16, 2012
Wang Chuanfu & Family 王傳福家族
Company: Byd Auto Co., Ltd 比亞迪
Sector: Auto
Shares: 24.24 percent
Stock code: 1211.HK
Current wealth: 8.6 billion yuan (US$1.38 billion)
Losses: 10.2 billion yuan (US$ 1.62 billion)
Percentage lost: 54.3 percent
BYD Auto chairman Wang Chuanfu was ranked 21st in July 2011, but saw his fortune shrunk by 10.2 billion yuan (US$ 1.62 billion) by the end of 2011 as the company's stock valuation plunged from 77.85 billion yuan (US$12.35 billion) to 35.6 billion yuan ($5.65 billion) between July and December 2011. In 2011, Wang was busy coping with various troubles faced by the company, from the distributors' quitting its sales network, auto sales plunge, to large-scale layoffs.
The company posted extraordinary sales records in its first few years after its establishment in 1995, and reached its peak with Warren Buffett's US$232 million investment in October 2008. The company's growth rate began to slow since 2010, and its stock value dropped by 40 percent that year. Its net profits dropped 80 percent in the first half of 2011.
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