‘Rome was not built in a day’ but becoming a billionaire is definitely a day’s job now! Mr. Tse Ping and Mrs. Cheung Ling Cheng, executive directors of Sino Biopharmaceuticals, transferred an abundant one-fifth of their company’s shares to their son Eric Tse.
He is now the owner of a whopping $3.8 billion dollars making him one of the richest people in Asia. He has also surpassed Donald Trump who according to Forbes has around a personal wealth of $3.1 billion dollars.
The 24-year-old was born in Seattle and completed his schooling in Beijing and Hong Kong and recently graduated from Wharton School of the University of Pennsylvania. He comes out as a new generation of rich Chinese billionaires. His Instagram feed is filled with his pictures next to NBA player Yao Ming and supermodel Bella Hadid.
With reference to wealth rankings organized by various media channels, the company’s statement said “he will endeavour not to participate in such rankings in his own name, and would recommend participating in such nominations in the name of the Tse Ping family”
“The purpose of the Share Transfers carried out by the substantial shareholders is to refine the management and inheritance of family wealth” as per the Company’s statement. Eric has also been added to the company’s executive board committee. It has also created a spark as for the first time China has exceeded the USA by claiming the largest share of the world’s richest people.
Tse in a Wharton article said “My parents, seniors, and elders genuinely believed in my potential and helped me without expecting any return,” “By the time I was 19, I was thinking about how I could deliver the same positive energy and passion to the people around me.”