Tse Ping and Cheng Cheung Ling gifted their 24-year-old son, Eric Tse a share worth $3.5 billion (N1,365,035,000,000), making him made one of the world’s billionaires overnight.
Eric Tse was born into one of China’s richest families, also a founder of Sino Biopharmaceutical Ltd, transferred around a fifth of their company’s share capital worth a whooping $3.8 billion (N1,365,035,000,000), Bloomberg reported.
Although Eric was born in Seattle in the US, he attended primary school in Beijing and secondary school in Hong Kong before graduating with a finance degree from the Wharton School of the University of Pennsylvania.
Eric has, however, said that he will try to keep a low profile so as to discourage efforts by media organizations to put on global wealth rankings, adding that he would want the fortune ascribed to the Tse Ping family.
In another statement on Wednesday, May 6, the company named Tse the executive director and member of the Sino Biopharmaceutical’s executive board committee.
His shares would be held in holding companies like Thousand Eagles Ltd. and Remarkable Industries Ltd.
In 2018, four Chinese families transferred more than $17 billion (N6,630,170,000,000) into a family trust. The company, Sino Biopharmaceutical, and the son never responded to messages asking for comments on the billion gift.