{"id":82495,"date":"2023-11-09T07:52:01","date_gmt":"2023-11-09T12:52:01","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/chinas-king-of-copper-hit-by-court-ordered-freeze-on-shares-worth-billions\/"},"modified":"2023-11-09T07:52:04","modified_gmt":"2023-11-09T12:52:04","slug":"chinas-king-of-copper-hit-by-court-ordered-freeze-on-shares-worth-billions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82495","title":{"rendered":"China\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions"},"content":{"rendered":"
\n

A Chinese court has issued an order to freeze all of the shares that billionaire Wang Wenyin holds in his privately held metals giant Amer International Group.<\/p>\n

<\/fbs-ad><\/p>\n

The Qingdao Intermediate People\u2019s Court ordered a three-year freeze on Wang\u2019s 90% stake in Amer Holding, the parent company of Amer International Group, according to Chinese company database Qichacha. The order was issued on October 24, but the reasons for the action were not disclosed in the filing. The court order itself was also not available on China\u2019s official legal database.<\/p>\n

In the days following the court\u2019s decision, Wang stepped down as chairman of Shenzhen Amer, a subsidiary of Amer Holding, Qichacha\u2019s filings show. Wang continues to serve as executive director of Amer Holding.<\/p>\n

Wang, who was ranked at No.14 with a fortune of $12.7 billion among China\u2019s richest, is now worth substantially less. Based on the new information about the strictures, Forbes<\/em> estimates his current net worth to be $6.7 billion, after applying a discount to the value of Wang\u2019s shareholding in Amer, which accounts for the bulk of his wealth. Wang did not respond to a request for comment.<\/p>\n

Shen Meng, managing director of Beijing-based boutique investment bank Chanson & Co, said that Wang may have failed to repay loans that were secured by pledging his shares in Amer Holding as collateral, prompting creditors to take action.<\/p>\n

Amer has been no stranger to controversy in recent years. Local media outlets have reported that the company has a history of overpromising and underperforming on some of its projects. According to Hongxing News, Amer failed to complete an industrial park in the port city of Nantong, a project the company said previously would have a planned 30 billion yuan ($4.1 billion) investment in partnership with the local government.<\/p>\n

<\/fbs-ad><\/p>\n

In recent months, Wang became embroiled in contractual disputes and was temporarily ordered by local courts to refrain from making any extravagant purchases. Chinese courts will often impose such restrictions on people who have defaulted on orders to repay their debts. The orders effectively bar them from making any non-essential purchases. These restrictions imposed on Wang have since been lifted.<\/p>\n

Dubbed the \u201cking of copper,\u201d Wang was born in inland China and went to coastal Shenzhen to seek opportunities in 1993 with 400 yuan in his pocket. He set up Amer International in the mid-1990s and has since then grown it into China\u2019s leading copper and cable supplier. The company claims to have generated more than $90 billion of revenue in 2022, with operations spanning Asia, Europe and the U.S.<\/p>\n

Wang entered the ranks of China\u2019s richest a decade ago and rose to become China\u2019s fifth richest person with a net worth of $12.1 billion in 2015, the year when he accompanied Chinese President Xi Jinping to the United Nations\u2019 70th anniversary ceremony summit in New York. His wealth peaked at $18.3 billion in 2021.<\/p>\n

Wang is also known to be a close ally of Hui Ka Yan, the founder of embattled property developer China Evergrande. Amer in 2017 agreed to buy a 1.2% stake in an Evergrande unit for 5 billion yuan, and in 2020, Wang was photographed at an Evergrande signing ceremony for a placement agreement that helped the real estate developer get through a cash crunch at the time.<\/p>\n

\u2014With assistance by <\/em>Yue Wang<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A Chinese court has issued an order to freeze all of the shares that billionaire Wang Wenyin holds in his privately held metals giant Amer International Group. The Qingdao Intermediate People\u2019s Court ordered a three-year freeze on Wang\u2019s 90% stake in Amer Holding, the parent company of Amer International Group, according to Chinese company database […]<\/p>\n","protected":false},"author":1,"featured_media":82496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-82495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nChina\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A Chinese court has issued an order to freeze all of the shares that billionaire Wang Wenyin holds in his privately held metals giant Amer International\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=82495\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"A Chinese court has issued an order to freeze all of the shares that billionaire Wang Wenyin holds in his privately held metals giant Amer International\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=82495\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-09T12:52:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-09T12:52:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699534322_0x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=82495#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=82495\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"China\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions\",\"datePublished\":\"2023-11-09T12:52:01+00:00\",\"dateModified\":\"2023-11-09T12:52:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=82495\"},\"wordCount\":564,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=82495#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=82495\",\"url\":\"https:\/\/ifintechworld.com\/?p=82495\",\"name\":\"China\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-11-09T12:52:01+00:00\",\"dateModified\":\"2023-11-09T12:52:04+00:00\",\"description\":\"A Chinese court has issued an order to freeze all of the shares that billionaire Wang Wenyin holds in his privately held metals giant Amer International\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=82495#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=82495\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=82495#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"China\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"China\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions | iFintechWorld","description":"A Chinese court has issued an order to freeze all of the shares that billionaire Wang Wenyin holds in his privately held metals giant Amer International","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=82495","og_locale":"en_US","og_type":"article","og_title":"China\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions | iFintechWorld","og_description":"A Chinese court has issued an order to freeze all of the shares that billionaire Wang Wenyin holds in his privately held metals giant Amer International","og_url":"https:\/\/ifintechworld.com\/?p=82495","og_site_name":"iFintechWorld","article_published_time":"2023-11-09T12:52:01+00:00","article_modified_time":"2023-11-09T12:52:04+00:00","og_image":[{"width":1600,"height":900,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699534322_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=82495#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=82495"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"China\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions","datePublished":"2023-11-09T12:52:01+00:00","dateModified":"2023-11-09T12:52:04+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=82495"},"wordCount":564,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=82495#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=82495","url":"https:\/\/ifintechworld.com\/?p=82495","name":"China\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-11-09T12:52:01+00:00","dateModified":"2023-11-09T12:52:04+00:00","description":"A Chinese court has issued an order to freeze all of the shares that billionaire Wang Wenyin holds in his privately held metals giant Amer International","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=82495#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=82495"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=82495#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"China\u2019s \u2018King Of Copper\u2019 Hit By Court-Ordered Freeze On Shares Worth Billions"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/82495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=82495"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/82495\/revisions"}],"predecessor-version":[{"id":82497,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/82495\/revisions\/82497"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/82496"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=82495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=82495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=82495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}