China

Sino Biopharmaceutical founders’ son, who parties and takes selfies with Rihanna, gets US$3.8 billion gift in the drugmaker’s shares



Sino Biopharmaceutical’s billionaire founder and his wife are transferring about one-fifth of the company’s share capital, or around US$3.8 billion, to their son – as a gift.The grant of 2.7 billion shares, detailed in a Hong Kong exchange filing late Tuesday, makes Eric Tse one of Asia’s richest individuals overnight. (There’s no tax on gifts or inherited wealth in the former British colony.) But the 24-year-old son of Tse Ping and Cheng Cheung Ling says he’ll try to keep a low profile…


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