The chief of AmorePacific Inc., South Korea's leading cosmetics maker, saw his stock asset value rise at the second fastest pace this year among billionaires around the globe, as the company's stunning performance in China drove up its shares, data showed Tuesday.
Suh Kyung-bae's stock assets were estimated at US$10.63 billion as of Monday, up 93.3 percent from the beginning of this year, to jump 63 notches to rank 122nd place, according to Forbes Billionaire List.
Suh has became South Korea's second-richest by stock value following Samsung Group owner Lee Kun-hee, who ranks 87th place in the global stage with $13.2 billion worth of stocks.
His meteoric rise just came behind that of Hong Kong businessman Pan Sutong, who controls Goldin Financial Holdings Limited, an investment holdings company. His stock rich ranking soared from 153 to 22nd place with $27.8 billion worth of stocks.
Amore's shares skyrocketed over the past year on the upbeat business outlook in China, prompting the firm to conduct a 10-for-1 stock split last month after becoming the nation's most expensive stock.
Its shares got a further boost after lowering the facial value, increasing 16 percent to 436,500 won as of Monday from May 8 when the shares resumed trading following a 10-day suspension.
AmorePacific posted 211.4 billion won in net profit in the first quarter, up 72 percent from a year earlier, with its sales jumping 29.2 percent on-year to 1.2 trillion won, according to its regulatory filing. (Yonhap)
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