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Three Ex-Billionaires See Fortunes Wiped Out in Hong Kong Stock Rout

  • Tycoons’ fortunes plummet more than $3 billion in two days
  • Three ex-billionaire stakes had a peak value of $5 billion
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Hong Kong Small Cap Plunge Wipes Out $6.1B

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Three former billionaires who made their fortunes by taking their companies public in Hong Kong shed more than 91 percent of their wealth amid the market rout that’s roiling small-cap stocks in the city.

Huang Wenji suffered the biggest loss when his stake in China Jicheng Holdings Ltd. plunged $1.9 billion since the crash began during trading hours Tuesday. Shares of the umbrella maker based in Jinjiang in China’s Fujian province tumbled 95 percent as a series of losses cascaded across a network of companies with cross-shareholdings, leaving the former billionaire with a stake in the business that the Bloomberg Billionaires Index values at $115 million.