Eric Tse's parents said they transferred the shares to Tse in an effort to "refine the management and inheritance of family wealth."
- Eric Tse became a billionaire on Tuesday after receiving a stake in Sino Biopharmaceutical, the company founded by his father, as a "gift," it said in a statement.
- Tse, 24, now has a net worth of $3.8 billion, according to Bloomberg.
- Despite posting Instagram photos of himself partying with Rihanna and Bella Hadid, Tse "will endeavour not to participate" in billionaire rankings, Sino Biopharmaceutical said.
- The gift came amid a rocky year for Hong Kong's billionaires.
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The company said Tse's parents told the board they transferred the shares to Tse to "refine the management and inheritance of family wealth" and planned for Tse to "hold the relevant shares in long-term." But Sino Biopharmaceutical said Tse's new status would "not have any material impact on the business operations of the Company."
The company did not immediately respond to a request for comment from Business Insider on the share transfer.
Tse also became the company's executive director, earning him 3.9 million Hong Kong dollars ($498,000), not including any bonuses, each year, Sino Biopharmaceutical said. Tse first joined the company as an assistant to the president in June 2018.
Despite having famous friends, Tse has said doesn't want to be recognized for his wealth.
Tse "indicated that in response to nomination for Billionaire List or wealth ranking organized by media or other organizations, 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," Sino Biopharmaceutical said.
The family has a net worth of $8.5 billion, Bloomberg estimated. Tse's parents now own 15.62% of Sino Biopharmaceutical, down from 37.07% before the transfer, the company said.
The gift came amid a rocky year for Hong Kong's billionaires.
An August report by the Financial Times' Hudson Lockett said a stock-market rout thought to have been caused by the pro-democracy protests wiped an estimated $3 billion off the net worth of Li Ka-shing, the billionaire nicknamed "Superman," in July and August. The collective net worth of Hong Kong's 10 richest people shrank by about $15 billion in the period, Lockett said.
Two members of the Kwok family, the richest family in Hong Kong, saw their net worths drop by about $1 billion apiece in the first 12 weeks of the protests. And the billionaires Merlin Swire and Peter Woo, as well as the Kwok family, have condemned the protests though statements from their companies, Business Insider previously reported.