Crash Contagion: Second Chinese Billionaire Wiped Out In Seconds After Stock Instacrash

pan sutong 2_0

Crash Contagion: Second Chinese Billionaire Wiped Out In Seconds After Stock Instacrash (ZeroHedge, May 21, 2015):

Yesterday China’s richest man, Li Hejun, lost more than half his fortune when his solar company stock suddenly crashed over 50%. Overnight it happened again, and Hong Kong’s securities regulator, warned other investors to exercise “extreme caution,” as Hong Kong’s best-performing stocks this year are crashing in a serial, tulip-like manner. And another billionaire was promptly wiped out: Pan Sutong started the day engorged with wealth after his companies Goldin Financial and Goldin Properties had risen 300% this year. By the close he had lost 60% of his wealth!

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