Billionaire boosts wealth amid market swings

Liu Yiqian, a Chinese billionaire, expanded his gain by nearly 340 million yuan ($54.8 million) after purchasing millions of stocks during the market downtrend last week, when the government rolled out a series of measures to prop up market sentiment and restore investor confidence.

Guohua Life Insurance Co Ltd, controlled by Liu, said it was buying 57.62 million shares of Shanghai-listed Grinm Advanced Materials Co Ltd, at a price of 9.55 yuan per share on July 7.

On Monday, the stock rose to 15.44 yuan, by the daily limit of 10 percent, thereby increasing Liu's gains to more than 339.4 million yuan.