Chen Wenpei and his family, who run SCAS Investment Group, topped the 2011 Hurun China Cashout List with 4.5 billion yuan (US$710 million). [File Photo]
The Hurun Research Institute on Wednesday released the 2011 Hurun China Cashout List. Twenty-six Chinese billionaires on the list have each liquidated stocks or assets worth at least 800 million yuan (US$125 million) in 2010, Sina.com reported.
Chen Wenpei and his family, who run SCAS Investment Group, topped the list with 4.5 billion yuan (US$710 million). Zhu Linyao, chairman of Huabao International, followed with 3.5 billion yuan (US$549 million). Gao Xuefeng, chairman of Jin Chen Tai Group, rounded out the top three with 3 billion yuan (US$470 million).
The top 20 also include three entrepreneurs in the IT industry. Giant Interactive CEO Shi Yuzhu ranked fourth by cashing out 2.7 billion yuan (US$423 million) and Ma Huateng, CEO of Tencent, Inc., was the 18th with 1.1 billion yuan (US$172 million). Jiang Nanchun, founder of Focus Media, ranked 19th by cashing out 1 billion yuan (US$157 million).
The billionaires have been cashing out often by selling equities they held or their companies’ assets.
China's business press carried the story above on Friday.