Chinese tycoon Zhou Yahui transferred 278 million shares worth about 7 billion yuan (HK$8.1 billion) into his ex-wife Li Qiong’s bank account after the divorce.
In what is being said one of the most expensive divorce settlements in Asia, a Chinese business tycoon’s wife emerged as a brand-new female billionaire after her husband gave her $1.1 billion shares in his company on separation. Billionaire Zhou Yahui transferred 278 million shares worth about 7 billion yuan (HK$8.1 billion) into his ex-wife Li Qiong’s bank account after the two made the settlement in a civil court in Beijing, his online gaming company Beijing Kunlun Tech said in a statement. The 49-year-old woman made into the list of the world’s richest women after her break-up.
Earlier this year, the couple were honoured as the richest young Chinese billionaires in a survey compiled by the state-run magazine. Then, the duo’s assets were worth an estimated US$3.5 billion, as per local media reports. However, the chairman of Shenzhen Kangtai Biological Products Co. Zhou had to give up half of his assets in the company to his wife as an entitlement pay-out, stocks worth equivalents to $3.2 billion as of June 1 close. According to reports, Zhou’s wife is a Canadian national who resided in Shenzhen with her husband and served as a director of Kangtai between May 2011 and August 2018. Currently, she is the vice general manager of the subsidiary Beijing Minhai Biotechnology Company.
Yahui’s net worth dropped to $3.1 billion
As per the regulatory filing reports, Yahui had earlier signed a legal agreement delegating voting rights to his wife that bestowed major control of the company in her hands. Therefore, the split caused the business tycoon to divide the stocks that dropped his net worth to $3.1 billion from $6.5 billion prior to the divorce. Yahui’s firm had earlier declared that it would develop a vaccine to fight the coronavirus that surged the company’s worth by 60 per cent soaring its market value to more than $13 billion, as per local media reports. However, the divorce caused the firm to plunge by 3.6 percent as of June 1.