Hong Kong’s richest woman loses half her wealth on stock plunge

HONG KONG-  The richest woman in Hong Kong Pollyana Chu has lost her title as the richest woman in the capital after her listed company become the worst performer in the Asian market this year.

She was worth 12$ billion in January, more than half of her wealth has been wiped out as the stock crashed.

Kingston Financial Group, which include Macau casinos and margin lending, has tumbled 52% since Hong Kong’s securities regulator in January warned investors that the company’s shares were overly concentrated among a small number of stockholders.

The Kingston Financial on Monday plunged 12% after FSTE Russell, a highly followed index provider was removed from the stock on its benchmarks.

The firm relies heavily on unsecured loans, the loans are provided cheaply by Chu and her family according to activist investor David Webb.

The stock was the worst performer after surging 88% in the last quarter of 2017.

The company has declined to comment after the huge slump shares.

Photo Credit- Bloomberg


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