Bloomberg Rival Emerges As New China Billionaire
Lu Feng, the chairman of privately held Wind Information of Shanghai, has formally become the newest billionaire to arise from China’s financial information industry, based on figures in a recent filing at the Shanghai Stock Exchange.
Shanghai-listed Xinhu Zhongbao said on Sept. 25 it would pay 600 million yuan, or $94 million for 1% of China’s financial data company Wind Information. That would value Wind at 60 billion yuan, or about $9.4 billion, and Lu’s 29% stake at $2.7 billion.
Wind sells financial market information and competes with Bloomberg and Reuters, among others.
Xinhu, which is backed by China billionaire Huang Wei of Hangzhou, also announced it would invest 2.8 billion yuan, or $439 million for a 20% stake in a Wind’s subsidiary. The two will promote a financial platform for institutional investors.
Wind couldn’t be reached for comment.
Chinese entrepreneurs to make it over the billionaire threshold in the financial information business include Zhang Changhong of software provider DZH and Qi Shi, the chairman of East Money Information, one of the country’s most popular stock information websites. Both are headquartered in Shanghai.
–with Maggie Chen