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U.S. Billionaire’s Golden Eagle Soars Nearly 34% In Hong Kong On Privatization Offer



Shares in Hong Kong-listed Golden Eagle Retail Group, a developer of office buildings and malls in China controlled by Chinese American billionaire Roger Wang, soared by 33.9% to HK$6.56 on Monday after a privatization offer was announced on Sunday.

Wang, Golden Eagle’s chairman, would with his family buy the approximately 20% of shares that they don’t currently own for HK$6.88 per share. That compared with a price of HK$4.90 per share on May 22, the previous day that the stock traded before the announcement. The offer values the listed company at HK$11.4 billion, or about $1.5 billion.

Profit at Nanjing, China-headquartered Golden Eagle fell by 53.6% last year to 748.4 million yuan amid slowing economic growth in China, in part owing to Covid lockdowns that ended last December. Revenue declined by 7.4% to 5.3 billion yuan. China’s GDP and stock prices this year have been hurt by sluggish global economic growth and geopolitical tension with the West.


Wang, Golden Eagle’s chairman, also invests in auto services, healthcare and education. He is worth $2.5 billion on the Forbes Real-Time Billionaire List today.

Wang’s daughter Dorothy Wang is better known than her dad in the U.S., where she is a social media star associated with shows such as “Bling Empire.”

Roger Wang, a mainland China native, grew up in Taiwan where he received an undergraduate degree in economics at Chinese Culture University in 1969 before earning a MBA from Southeastern Louisiana University in 1973. He first got rich building condos around L.A. and returned to China in 1992 to start Golden Eagle.

He is a former chair of the Committee of 100, a group of American citizens of Chinese heritage that work to promote the participation of Chinese Americans in all aspects of American life and constructive relations between the United States and Greater China.

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Source: Fox Business

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