Posted on 08/18/2010 2:56:05 PM PDT by nickcarraway
Wu Qinyi, a 6-year-old girl, has become the youngest shareholder on China's Nasdaq-style growth enterprises board, as the Shaoxing-based Zhejiang Sunflower Light Energy Science & Technology Limited Liability Company (Sunflower) started its initial public offerings (IPO) Monday, Xinhua reported.
Wu inherited 62,500 of the shares from her father, the former secretary of Sunflower's board, who passed away in a traffic accident last year.
Sunflower's IPO price was at 16.8 apiece, bringing Wu's wealth to 1.05 million yuan, or more than 154,411 U.S. dollars, the report said.
She has also broken the record for youngest wealthy shareholder in China, previously set by a 13-year-old child who holds 220,000 shares of a company whose market value is about 10 million yuan.
An anonymous person in charge of IPOs from Zhejiang's Securities Regulatory Bureau says insiders always pay special attention to listed companies shared by children.
"We will strengthen the regulation of this company and follow Wu's entry process. Minors should share the same information disclosure responsibilities as adults."
Ahhh, Communism.
Where the politically connected get first dibs.
The richest oilman in Russia was once part of the “system”.
Go figure.
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