Zhejiang Shibao’s Zhang Becomes Billionaire on Share Rise

Zhang Shiquan, chairman of Zhejiang Shibao Co., became a billionaire, after shares of the automotive parts manufacturer rose to a record.

Zhang and his family own about 73 percent of the company’s stock traded on the Shenzhen exchange, giving him a fortune exceeding $1 billion, according to the Bloomberg Billionaires Index. Shares of the Hangzhou-based company, which also trade in Hong Kong, surged by the exchange-imposed 10 percent limit to

38.50 yuan at the close.

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