New Billionaire Makes Money From Vietnam-China Cotton Gap
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A textile maker’s cost-cutting move to shift cotton production to Vietnam has ignited a yearlong rally in its stock, minting a new billionaire in China.
Shares of Shanghai-based Texhong Textile Group Ltd. have soared 445 percent in the past 12 months, boosting the wealth of its co-founder and largest shareholder Hong Tianzhu to $1 billion, according to the Bloomberg Billionaires Index. Hong, 45, hasn’t appeared on any wealth ranking. He owns almost 62 percent of Texhong, which is traded in Hong Kong.