Friday, October 24, 2014

China embraces the bicycle again

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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