Mainland China has a world-leading 70 new members of the 2016 Forbes Billionaires List unveiled last Tuesday, reflecting the success that many in that group had tapping into the country’s volatile capital markets in the past year. (See related story here.)
Yet slower economic growth, lower oil prices and stock falls also contributed to a globally worst 42 individual drop-offs from the country on the new list compared with 2015. Here are some notable members of the 2015 list that didn’t make it this year:
Yang Yuanqing: Hong Kong-traded shares in Lenovo have lost 40% of their value in the past year amid bruising competition from the likes of Apple, Huawei and Xiaomi in the global smartphone market. Lenovo’s revenue in the three months to December fell by 8% to $12.9 billion; smartphone shipments declined by 18% during the period.
Lenovo CEO Yang Yuanqing, who had an estimated fortune worth $1.25 billion on the 2015 Forbes Billionaires List, didn’t make the cut this year. (Photo: PHILIPPE LOPEZ/AFP/Getty Images)
Cheung Yan: A rags-to-riches story from the global paper manufacturing industry, Cheung’s wealth declined in the past year on a fall in the share price of her Hong Kong-listed flagship Nine Dragons. Net profit at the company plunged by 53% in the three months to Dec. 31 in part on currency losses.
Zhang Hongwei: Lower oil prices sapped many fortunes around the world the past year, and China was no exception. Zhang’s wealth was hurt by a more than 50% drop in the price of Hong Kong-listed United Energy. Zhang-chaired United acquired the upstream operations of BP in Pakistan for $775 million in 2011. Other energy-related entrepreneurs that dropped from this year’s list include Sun Weijie, chairman of Yantai Jereh Oilfield Services, and Liu Ming Hui, chairman of natural gas distributor China Gas Holdings.
Shen Ya (also known as Eric Ya Shen): In a year in which the wealth of many of China’s best-known Internet tycoons declined, a more than 50% drop in the share price of Shen’s Vipshop led Shen to drop off from our list entirely. The U.S.-traded company is facing tough competition in China’s online shopping space. Vice chairman Hong Xiaobo also didn’t make this year’s list.
You Xiaoping : You’s publicly traded Zhejiang Huafeng Spandex, a maker of polyurethane fibers used in clothing and swim suits, has predicted a more than 30% drop in 2015 profit amid falling prices and soft demand. A fall in the company’s China traded shares eased You off of the year’s list.
With so volatility among the Chinese fortunes on this year’s list, you probably wouldn’t want to bet that any of the group here will be off long.
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