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Parents' Gift to 24-Year-Old Son Turns Him into a Billionaire Overnight

On Tuesday, Tse's parents, who are the executive directors of the company, in an official statement said that the transfer was made "as a gift at nil consideration".

News18.com

Updated:October 25, 2019, 3:12 PM IST
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Parents' Gift to 24-Year-Old Son Turns Him into a Billionaire Overnight
(Twitter / @@BrasilAldridge )

A gift from parents turned their 24-year-old a billionaire overnight on Tuesday.

The founders of the Hog-Kong based Sino Biopharmacuetical Limited "gifted" one-fifth of the company's total issued shares (i.e., 21%), which totaled around $3.8 billion, to their son, Eric Tse instantly making him one the world's richest men.

Tse's parents are the executive directors of their family-run company, Sino Biopharmaceutical Limited, and they transferred him the shares "as a gift at nil consideration," according to a company statement.

On Tuesday, Tse's parents, who are the executive directors of the company, in an official statement said that the transfer was made "as a gift at nil consideration".

The release was signed by Eric's sister and according to Bloomberg calculations, the total shares of the company held by the family is around $8.3 billion.

In another statement released on Wednesday, the family named Tse, who holds a Bachelor of Science degree in Economics from University of Pennsylvania's Wharton School of Finance, the executive director and member of the company’s executive board committee.

According to CNN, Tse has recently made his way to Asia's booming billionaire club but he doesn't want to take part in any such ranking and wants a "low profile". Reiterating this, the official statement said, "He will endeavour not to participate in such rankings in his own name, and would recommend participating in such nominations in the name of the Tse Ping family."

However, his Instagram profile shows him rubbing elbows with many popular and eminent personas from around the globe.

According to reports, his Instagram feed has pictures of him partying with Hollywood singer Rihana and posing with supermodel Bella Hadid.

And, not just this, his 'otherwise' profile also shows him having ties with royalty members and high-seated Chinese politicians. This could be so, as Tse's father was previously a committee member of the country's top political advisory body.

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