Yang Zhimao, the chairman of Guangdong Golden Dragon Development - TopicsExpress



          

Yang Zhimao, the chairman of Guangdong Golden Dragon Development Inc., has become a billionaire after the Dongguan, China-based conglomerate soared more than 30 percent since December. Yang and Zhu Fenglian, a person described in Golden Dragon’s annual report as a “close family member,” control half of the Shenzhen-listed company. “The company’s financial holding platform has much room for expansion in the future,” Zhao Xianghuai, a Shanghai-based analyst at Guotai Junan Securities Co., said in a Jan. 28 research note. Zhao, who initiated coverage of the stock with a “buy” rating. Golden Dragon’s rise has been fueled by its acquisition of a 66 percent stake in Zhongshan Securities Co., and by the actions of the China Securities Regulatory Commission, which lifted a 14-month ban on initial public offerings. The moratorium was put in place in October 2012 in an effort to crack down on fraud and misconduct. The CSRC issued a reform plan for IPOs in November and resumed the approval of new listings.
Posted on: Mon, 24 Feb 2014 14:04:07 +0000

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