China’s campaign to re-embrace its biking
tradition is catapulting the wealth of two Chinese billionaires. To reduce
air pollution and traffic jam, the country has become a leader in building
sharable biking systems. The regained cycling enthusiasm in China is adding to
the wealth of two billionaires. Shanghai Forever Co., a bike manufacturer whose
board chairman Chen Rong ranked No.281 on the Forbes China Rich List with a net worth of
$750 million, has seen its share price rising by 51.4% in the last 12 months.
The Shanghai-listed company, which was acquired by Chen’s Zhonglu Group in
2001, now has a market capitalization of $7.01 billion yuan ($ 1.14 billion).
The firm, also backed by the wealth management arm of France’s BNP Paribas , said its
bike-share facilities will be upgraded as it rolls out more programs in Jiangsu
province, adding to the 69 facilities it already operates nationwide, according
to company filings and website. Read more here.
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