Sharon Lam joined Breakingviews in 2017. She previously covered technology and culture at Forbes, and has also worked at Mirae Asset and HSBC private bank. Sharon holds a bachelor's degree in international relations and political science from Tufts University, where she wrote and edited for Hemispheres, an international relations journal. She is based in Hong Kong.
The vacation resorts arm of Chinese conglomerate Fosun priced its IPO at the bottom end of the indicated range. A $2.4 bln market cap, however, imputes a multiple on par with its most richly valued peers. Sluggish tourism trends could leave optimistic investors scorched.
Chinese waste hauler Yulong Eco-Materials has decided to become an owner of paintings and gems instead. It’s paying $75 mln for the Italian master’s “Crucifixion” after it bought a $50 mln sapphire. Bringing art investing to public markets is a risky form of creative destruction.
The People’s Republic is minting two new billionaires each week. Soon they will outnumber their U.S. peers. Younger, creating wealth faster, and losing it faster too: Chinese are redefining what it means to be ultra-rich.