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Stock slump wipes out $34b in net worth of China's richest

By Bloomberg | China Daily | Updated: 2015-07-04 08:38

The worst monthly slump in Chinese stocks in two years wiped away more than $34 billion in combined net worth of the richest people on the Chinese mainland and in Hong Kong in June.

Of those 45 wealthy people on the Bloomberg Billionaires Index, more than 80 percent lost money in June as the Shanghai Composite Index tumbled. "The fortunes of billionaires are closely tied to the rise and fall of stocks," said Zhang Lu, a Shanghai-based analyst at Capital Securities Corp. "When the market is more unstable, like now, their fortunes go down."

Zhou Qunfei, chairwoman of Lens Technology Co, saw her wealth shrink the most among all Chinese billionaires. Her fortune shrank by $4.8 billion in June as Shenzhen-listed Lens Technology tumbled 36 percent. Zhou became the country's richest woman after the maker of mobile-phone glass covers went public in March. The fortune of Wang Jing, chairman of Beijing Xinwei Telecom Technology Group Co, dropped from $9.5 billion at the end of May to $6.9 billion.

Stock slump wipes out $34b in net worth of China's richest

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