By: Russell Flannery Forbes Staff
Wu Xushun, co-founder and a director of Wuhu Shunrong Sanqi Interactive Entertainment Network Technology, has joined the ranks of the world’s billionaires following gains in the share price of the Shenzhen-listed online and mobile game company.
Wu, 67, together with daughter Wu Weihong and son Wu Weidong, own a 30.7% stake in Wuhu Shunrong Sanqi Interactive worth 7.1 billion yuan, or $1.1 billion, at yesterday’s closing price of 78.53 yuan, after discounting collateral shares. Son Weidong and daughter Weihong are the chairman and general manager.
Trading in the company’s shares was suspended on Feb. 25 and resumed on Tuesday. The’ve shot up by a third since trading resumed.
Wuhu Shunrong Sanqi Interactive acquired 60% of Sanqi Interactive Entertainment Shanghai Technology last December, and changed the firm’s name at the time, Wuhu Shunrong Auto Parts, to Wuhu Shunrong Sanqi Interactive in January, reflecting a shift in its businesses focus from auto parts to online and mobile games. Sanqi Interactive Entertainment Shanghai Technology owns online game platforms 37.com and 6711.com. [FULL STORY]