Pang Shengdong, vice chairman of Shanghai 2345 Network Holding Group, has joined the ranks of the world’s billionaires following gains in the share price of his Shenzhen-listed IT company.
Shanghai 2345 Network Holding Group changed its name from Shanghai Hyron Software last month after it acquired 100% of www.2345.com last September for 2.6 billion yuan,or $424 million, in a move to expand its business from software outsourcing to other IT services. Pang owns total 21.4% of Shanghai 2345 Network Holding Group after the acquisition, worth 6.8 billion yuan, or $1.1 billion, at Friday’s closing price after discounting for collateralized shares. The stock price has more than tripled in the past year.
Shanghai 2345 Network Holding Group’s sales last year rose 60% to 795.9 million yuan, or $127.8 million; net profit soared by 95% to 217.6 million yuan, or $35 million.
Pang, 38, holds a master’s degree from the Cheung Kong Graduate School of Business. He graduated as an economics major from Ningbo University in 1998. Pang is also the founder of 51.com, which supplies social network application services.
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