Aug 26, 2015

    Vicki Zhao, Zhang Ziyi lose millions in stock market crash


    THE global stock market crash on Monday hit many investors in Asia, including Chinese actress Vicki Zhao, who, together with her husband, saw HK$368 million (S$66 million) wiped off their stake in Hong Kong-listed Alibaba Pictures, the Chinese media reported.

    As the Hang Seng Index tumbled by more than 1,000 points on Monday, the price of Alibaba Pictures shares fell 10 per cent to HK$1.65 from HK$1.87 on Friday, reported news website Sina.

    Zhao, 39, and her tycoon husband, Huang Youlong, bought a 9.2 per cent stake in Alibaba Pictures for 2.48 billion yuan (S$540 million) in December.

    Their net profit with the company rose to 5.4 billion yuan at one point, but dropped to 1.4 billion yuan by last month, according to state-run Xinhua news agency.

    Monday's setback was Zhao's second with Alibaba Pictures, which is owned by Alibaba founder Jack Ma.

    Meanwhile, another Chinese actress, Zhang Ziyi, and her mother did not escape the crash either, which erased HK$158 million from their shares with the Dalian Wanda Commercial Properties, reported Sina.

    The property conglomerate is owned by Wang Jianlin, Asia's richest person, who lost US$3.6 billion (S$5 billion) on Monday, the most among all billionaires worldwide.

    Of that, US$2 billion was from his stake in Hong Kong-listed Dalian Wanda, which fell 17 per cent to its lowest level since it went public in December.

    The other US$1 billion was from Wanda Cinema Line, whose shares were traded in Shenzhen, reported Bloomberg.

    Mr Wang's fortune stood at US$31.2 billion after the decline.

    The global sell-off on Monday caused about US$124 billion to be wiped off the collective fortunes of the world's 400 richest people.

    "Everyone is probably overly pessimistic about the stock market now," said Amy Lin, a Shanghai-based analyst at Capital Securities.

    "There was a lot of panic selling in the market." AGENCIES

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