Fang Wei & Family 方威家族

 Company: Fangda Carbon New Material Co. Ltd. and other companies 方大炭素新材料科技股份有限公司等

Sector: Manufacturing

Shares: 52.87 percent in Fangda Carbon New Material Co. Ltd.

Stock code: 600516.SH

Current wealth: 8.3 billion yuan (US$1.32 billion)

Losses: 6.8 billion yuan (US$1.08 billion)

Percentage lost: 45 percent

Fang Wei, chairman of Liaoning Fangda Group Industrial Co.Ltd., was the actual controller of the Lanzhou-based Fangda Carbon New Material Co. Ltd. that was listed on the Shanghai Stock Exchange in 2002. The young billionaire, ranked 22nd among the 3000 richest Chinese families in July 2011, saw his wealth decrease from 15.1 billion yuan (US$2.4 billion) to 8.3 billion yuan (US$1.32 billion), a shrinkage of 6.8 billion yuan (US$1.08 billion).

The low-profile entrepreneur seldom comes into the limelight. Fangda Carbon's value fluctuated throughout the year, and began to plunge since mid-September. Investor confidence in the company remains low, though it announced in July 2011 its targeted additional shares issuance on two energy-related projects, as well as a plan to acquire a 60 percent stake in Anhui Jiajin Mining Co. Ltd. Despite Fang's personal losses in the stock market, Fangda Carbon performed well in 2011. It posted 3.36 billion yuan (US$533 million) and 526 million yuan(US$83 million) in revenue and net profits attributable to shareholders, 49.5 and 89.05 percent increases respectively, in the first three quarters.

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