Top 10 biggest losers of wealth in China 2011
- By Zhang Junmian
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E-mail China.org.cn, February 16, 2012
Li Li & Family 李鋰家族
Company: Shenzhen Hepalink Pharmaceutical 深圳海普瑞藥業(yè)
Sector: Pharmaceuticals
Shares: 75.59 percent
Stock code: 002399.SZ
Current wealth: 14.9 billion yuan (US$2.37 billion)
Losses: 8.7 billion yuan (US$1.38 billion)
Percentage lost: 36.9 percent
Li Li, chairman and founder of Shenzhen Hepalink Pharmaceutical, was ranked 19th in July 2011. Li's asset value shrunk from 23.6 billion yuan (US$3.75 billion) to 14.9 billion yuan (US$2.37 billion) between July and December 2011. Hepalink's initial public offering (IPO) price of 148 yuan, the highest on record for a Chinese stock in May 2010, pushed Li and his wife Li Tan onto the top tycoon spot with a total wealth of more than 51.5 billion yuan (US$8.17 billion). But only six days later, its market price fell on debut and continued to plunge. The U.S. Food and Drug Administration (FDA) soon confirmed Hepalink's false report in IPO prospectus that claimed itself as the only heparin producer in China certified by the FDA.
Li, involved in disclosure falsification interpreted as driven by his greed for profits, is facing enormous challenges of reshaping his company's public image. Another challenge comes from the fierce competition from its rivals such as Changzhou Bio-pharma Qianhong and Hebei Changshan Biochemical Pharmaceutical. Hepalink, the world's biggest maker of blood-thinning heparin products, now has a long and arduous way to go.
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