A 33-year-old billionaire's wealth became the subject of media speculation on the mainland after the company he holds shares in went public.

One rumour claimed that he is actually Wen Yunsong, son of Premier Wen Jiabao. But according to a report in local newspaper Ming Pao yesterday, he has connections with Hong Kong property tycoon Cheng Yu-tung.

The mystery billionaire is Vincent Cheng Kin-yuen. He apparently owns over 11 per cent of Hong Kong-listed China Ping An Insurance Co Ltd through two companies - Capital China Group (6.13 per cent) and Yuan Trust Investment Co Ltd (5.37 per cent).

After Ping An went public in the territory in June, the mainland media estimated his assets at HK$7.36 billion.

The young billionaire that the public knows little about became the centre of various versions of rumours.

According to Ming Pao's report, Vincent Cheng is a protege of Cheng Yu-tung, chairman of New World Development, though another version suggested he is the grandson of the tycoon.

Born in Shanwei, Guangdong, Vincent Cheng came to Hong Kong when he was a child and worked as a caddie in a golf club. His life took a dramatic turn after he met Cheng Yu-tung on a golf course, according to Ming Pao.

The bright and quick youngster won the favour of Cheng Yu-tung. Under his sponsorship, Vincent Cheng studied in Britain and worked as a manager in New World Group from 1994 to 1997 after graduation.

According to a colleague in New World Group, Cheng Yu-tung is like a father to Vincent Cheng, giving him support and guidance in and outside the company.

Capital China Group and Yuan Trust Investment Co Ltd have strong connections with the New World Group, said the Ming Pao report.

Both offices are located inside New World Group's properties, in Beijing and Hong Kong respectively. The two companies bought part of their Ping An shares from the New World Group.

The companies under Vincent Cheng's name could actually be a private fund of Cheng Yu-tung and Vincent Cheng could be only a fund manager, Ming Pao said.

It said Wen Yunsong, the premier's son, actually works in the field of information technology.

He studied in the US and Canada before returning to China. And his salary obviously would not be enough to buy the Ping An Insurance shares.

As for a rumour that he was given the shares as a gift by Ping An Insurance chairman Ma Mingzhe, Ming Pao dismissed it as unlikely.

Sun Jianyi, executive director of the company, said that the allegation was groundless because corporate laws on the mainland stipulate that corporate funds must be acquired through actual financing activities and no stocks could be presented as a gift.

Moreover, since Ma holds only 0.16 per cent of the company's stocks, how could he have given out more than 11 per cent?

Even if Ma were willing and capable of doing so, Hong Kong Exchanges and Clearing and the company's investors at home and abroad would probably not have agreed.

(HK Edition 11/05/2004 page2)