22 Hrs
Source:
Sky News
Beijing spends a quarter of the Trading Emperor's wealth in a day
Massive cross-border securities trading activities have been reported in China, with billionaire Li Li, founder of Foto Holdings, experiencing a decrease in his wealth by more than a quarter of a million dollars, amounting to $1.7 billion, as a result of a government campaign targeting these activities to restrict capital outflows. The campaign caused Foto’s stock to drop by 28%, the largest decline in over three years, leading to Li's wealth falling to less than half of what it was last October. These measures are part of a strict regulatory push to prevent illegal cross-border trading and to impose severe penalties on involved companies, following Foto’s capitalized gains from the IPO boom on the Hong Kong Stock Exchange.
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