Qiu Guanghe & Family 邱光和家族
Qiu Guanghe & Family [tupian.hudong.com]
Shares: 84.13 percent
Stock code: 002563.SZ
Current wealth: 21.3 billion yuan (US$3.38 billion)
Losses: 7.3 billion yuan (US$1.16 billion)
Percentage lost: 25.5 percent
Qiu Guanghe, who ranked 11th among the 3000 richest Chinese families in July 2011, is the chairman of fashion retailer Zhejiang Semir Garment Co. Ltd. located in Wenzhou, Zhejiang Province. Qiu found his asset value plunge from 28.6 billion yuan (US$4.54 billion) to 21.3 billion yuan (US$3.38 billion) between July and December 2011, a shrinkage of 7.3 billion yuan (US$1.16 billion).
Semir was listed on the Shenzhen Stock Exchange in March, 2011, with its IPO raising about 4.53 billion yuan (US$719.5 million). Its stocks fell on debut due to buyers' lack of trust, product quality concerns and rising costs and other factors. Prices have remained sluggish since. Semir posted 5.23 billion yuan (US$830 million) in revenue and 808 million yuan (US$128 million) in net profits in the first three quarters of 2011, increases of 30.24 percent and 26.17 percent respectively from the same period of 2010.
Its revenue growth in the third quarter slowed by 14.5 percent compared to the first half of the year. Sales of its women's garment were lower than expectation, while its investments on direct sales outlets and advertising were on the rise. The company is also working with e-commerce operators and may develop its own B2C platforms.