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

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 and busts, fuelled by a mix of government intervention and unbridled