Actress Zhao Wei loses $34 million amid China stock market turmoil

Actress Zhao Wei loses $34 million amid China stock market turmoil

The volatility in China's financial markets has dominated headlines in the past week as the 2016 trading year got off to a difficult start.

Almost all involved have been affected, and celebrities have not been spared either.

Hong Kong's South China Morning Post (SCMP) reported that a number of China's movie stars have seen the value of their equity investments shrink.

Actress Zhao Wei and her husband, tycoon Huang Youlong, saw the value of their investment in Alibaba Pictures shrink by HK$184 million (S$34 million), after the Hong Kong-listed film production company's stock fell by 5.7 per cent.

The actress had previously been dubbed the "Warren Buffett of China showbusiness".

However, Zhao's losses were offset somewhat as her shares in the Shenzhen-listed Zhejiang Talent Television & Film company increased in value by 2.75 million yuan (S$600,000).

Another celebrity who suffered losses this week was Chinese actor Huang Xiaoming. His fortune was slashed by 25.72 million yuan after shares of the Shenzhen-listed Huayi Brothers fell by nearly 17 per cent, SCMP reported.

On the other hand, it was not doom and gloom for Fan Bingbing. The Empress of China star has seen her fortune in Zhejiang Talent rise by 3 million yuan so far this year, according to SCMP.

It was a tumultous start to the financial year after trading on China's stock markets were twice suspended after stocks fell by more than seven per cent, CNBC reported.

The turmoil in China's financial markets and Beijing's weakening of the yuan led to further falls in stock markets across Asia.

On the first day of trading alone, the world's five wealthiest individuals lost a total of US$8.7 billion (S$12.4 billion), AFP and Bloomberg reported.

seanyap@sph.com.sg

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