US$75 million divorce: China court rules ex-wife of pharma tycoon gets half of firm shares
With guidance from ex-wife’s grandad, couple ventured into share trading in early 1990s, achieving significant success
A divorce case in China that has lasted 15 years has finally reached a judgment, ordering alimony of 536 million yuan (US$75 million), sparking significant attention on social media.
The husband, Zhao Bingxian, 63, is often referred to as China’s Warren Buffett due to his remarkable record in financial investments.
In early November, the Beijing No 3 Intermediate People’s Court issued a verdict during the second hearing of the divorce case between Zhao and his wife, Lu Juan. The ruling mandates that the couple evenly split the shares of Beijing Zhongzheng Wanrong Investment Group.
This final ruling dictates that Zhao must provide Lu with about 536 million yuan, calculated based on the value of their jointly held shares, as reported by the National Business Daily.
The outcome of the case was disclosed online by Shenzhen-listed Shandong Wohua Pharmaceutical Company on November 4, as Zhongzheng Wanrong is its parent company and Zhao is the chairman of Wohua Pharmaceutical.
Zhao graduated with a master’s degree in finance from the prestigious Shanghai Jiao Tong University in the 1980s. He met Lu while serving in the People’s Liberation Army in 1986, and they married two years later.
Lu, a native of Shanghai, comes from a family with investment roots, as her grandfather had invested in the stock market even before the founding of the People’s Republic of China in 1949.