Among the hundreds of billionaires to emerge in China during the country’s economic boom in the past decade, brothers Chen Huwen and Chen Huxiong share one thing in common all of the others don’t: they’re twins.
Chairman Huwen and vice chairman Huxiong, 44, separately became billionaires today after shares in the company they co-founded with their sister Xueling, Shanghai M&G Stationary, closed up by their 10% daily trading limit at a record at the Shanghai Stock Exchange to 49.51 yuan.
Shanghai M&G, which makes ball point and other pens, went public in January, raising 789 million yuan, or $127 million, from the sale of 60 million shares at 13.15 yuan each.
Revenue and net profit in 2014 was 3 billion yuan and 339.6 million yuan, or $483 million, and $54.7 million, gains of 29% and 21%. Brothers Huwen and Huxiong own more than a quarter each of M&G, stakes worth $1 billion at today’s closing price of 49.51 yuan.
Huwen and Huxiong entered into the stationary business in the 1990s. Their sister holds a smaller stake and hasn’t made it into billionaire terrain yet.
--with Maggie Chen
--Follow me on Twitter @rflannerychina
