New China Billionaire Unveiled After Wison Sells SharesBloomberg News
Hua Bangsong, the founder of Wison Engineering Services Co., became a billionaire after the company he started sold shares in Hong Kong last month.
Wison Engineering raised a net HK$1.2 billion ($154 million) by selling 600 million shares in an initial public offering in Hong Kong in December. The Shanghai-based company sold 64.4 million shares in an over-allotment last week.
Hua, 47, and his wife Huang Xing own more than 3.1 billion shares in the company, or 79 percent, its prospectus shows. These shares are worth $1.2 billion, according to data compiled by Bloomberg, making Hua a new billionaire. He hasn’t appeared on any international wealth ranking.
Hua began his career as a salesman at a metal screen factory in Xinghua in eastern China’s Jiangsu province. He later started a company that made petrochemical machinery and accessories, as well as supplying raw materials for the oil industry. In 1997, he established Wison Engineering, which provides consulting, engineering and construction services to chemical factories and oil refineries. Revenue of Wison rose 1.2 percent to 5.04 billion yuan ($788 million) in 2011, its prospectus shows.
Wison’s clients include China National Petroleum Corp., China Petrochemical Corp., China National Offshore Oil Corp., Royal Dutch Shell Plc and BASF SE. It has more than 3,000 employees in China, Hong Kong, Saudi Arabia and the U.S.
Demand for fuels and petrochemicals has soared as the world’s second-largest economy boomed in the past two decades. China’s gross domestic product rose 7.8 percent in 2012.
Sun Weijie, chairman of Yantai Jereh Oilfield Services Group Co., has become a billionaire as shares of the Chinese oil equipment and service provider he co-founded surged to a record on news of a supply contract from Venezuela, Bloomberg reported Jan. 17. Jereh has been picked by the state oil company Petroleos de Venezuela S.A to supply equipment and tubes valued at $178 million, Yantai said on Jan. 10.
Shares of Wison fell 3 percent to HK$2.89 yesterday in Hong Kong trading. The stock has risen 3.6 percent since the initial public offering in December. A spokeswoman at Wison’s headquarters in Shanghai declined to comment yesterday and said Hua was unavailable.
More than half of the proceeds from the Hong Kong share sale will be used to establish a research-and-development center in Shanghai and another engineering-research site in Beijing.
Wison counts Chow Tai Fook Nominee Ltd., Solar City and EA Asia Absolute Return Master Fund as its cornerstone investors. Chow Tai Fook is controlled by the family of Hong Kong billionaire Cheng Yu Tung. Wu Jianmin, a high-profile diplomat and a former Chinese ambassador to France, is listed as Wison’s independent director.
Zong Qinghou, chairman of beverage maker Hangzhou Wahaha Group Co. is China’s richest man with a net worth of $16.9 billion as of Jan. 22, ranking him No. 45 in the world, according to the Bloomberg Billionaires Index.
The Bloomberg Billionaires Index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting. Each net worth figure is updated every business day at 5:30 p.m. in New York. The valuations are listed in U.S. dollars.
— With assistance by Michael Wei