Teacher's shares make her millions
By Zhu Shenshen |
May 16, 2011, Monday
|
Print Edition
Print Edition
A TEACHER from Jiangsu Province earned almost 60 million yuan (US$9.1 million) in five years by investing 5.49 million yuan in two firms before they floated on the stock market.
Her husband, the Chongqing Evening News said yesterday, is a former head of the Jiangyin branch of a bank in Jiangsu Province, but didn't name the bank.
An Yuefen, 50, a teacher in a cadre school of Wuxi's federation of trade unions since 1983, owns shares valued 26.36 million yuan in Jiangyin-based Jiangsu Jixin Wind Energy Technology Co, which floated on the Shanghai stock market two weeks ago.
Her initial investment was about 4.29 million yuan, according to the report.
Wang Jianhua, An's husband, was head of a bank's Jiangyin branch between 2005 and 2008, when An got Jixin's initial offerings. The bank had credit business with Jixin, the report said.
A company's initial offering shares are usually much cheaper than the level after its initial public offering. Only founders, institutional investors and company members can own such shares.
In another pre-IPO investment, An had shares of Shenzhen-listed Oriental Energy Co valued at 37.48 million yuan after paying 1.2 million yuan. She sold the shares in 2009 and 2010.
In 2006, the report said, an Oriental Energy shareholder sold a 20 percent stake to Jiangsu Xinqiao, an investment arm where An had a 12 percent stake. Wang was then an Oriental Energy board member. But Wang didn't reveal the relationship with An during the trade.
"I think her (An's) investment was legal. I will explain the details later," the report quoted Wang as saying.
Her husband, the Chongqing Evening News said yesterday, is a former head of the Jiangyin branch of a bank in Jiangsu Province, but didn't name the bank.
An Yuefen, 50, a teacher in a cadre school of Wuxi's federation of trade unions since 1983, owns shares valued 26.36 million yuan in Jiangyin-based Jiangsu Jixin Wind Energy Technology Co, which floated on the Shanghai stock market two weeks ago.
Her initial investment was about 4.29 million yuan, according to the report.
Wang Jianhua, An's husband, was head of a bank's Jiangyin branch between 2005 and 2008, when An got Jixin's initial offerings. The bank had credit business with Jixin, the report said.
A company's initial offering shares are usually much cheaper than the level after its initial public offering. Only founders, institutional investors and company members can own such shares.
In another pre-IPO investment, An had shares of Shenzhen-listed Oriental Energy Co valued at 37.48 million yuan after paying 1.2 million yuan. She sold the shares in 2009 and 2010.
In 2006, the report said, an Oriental Energy shareholder sold a 20 percent stake to Jiangsu Xinqiao, an investment arm where An had a 12 percent stake. Wang was then an Oriental Energy board member. But Wang didn't reveal the relationship with An during the trade.
"I think her (An's) investment was legal. I will explain the details later," the report quoted Wang as saying.
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