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Billionaires' fortunes are being wiped out in China's IPO frenzy

Numbers are a reminder of flaws in China's IPO system, especially who pledge their collateral shares

Blake Schmidt & Robert Olsen | Bloomberg 

It took just three weeks for Ding Lieming to quintuple his net worth and become a freshly-minted billionaire. Six months later, almost half his fortune was gone.   A tale of bold bets gone bad? Nope, just business as usual in the Chinese stock market. The wild ride for Ding, chairman of Hangzhou-based Betta Pharmaceuticals Co., illustrates the latest upheaval surrounding wealth creation in China: tycoons who rapidly gain — and then almost as quickly lose — billionaire status amid swings in the country’s initial public offerings.   The IPO booms ...

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First Published: Wed, June 21 2017. 22:50 IST