China, one of the world’s largest markets for chicken meat, has bred its latest poultry industry billionaire.
Cao Jisheng, chairman of Shenzhen-listed Shandong Yisheng Livestock & Poultry Breeding, has become a billionaire after a run-up in the company’s shares at the Shenzhen Stock Exchange.
Shandong Yisheng Livestock & Poultry Breading is involved in chicken and livestock breeding. The stock rose by its 10% trading limit today to close at an all-time high of 49.94 yuan amid expectations that rising meat prices will help to reverse financial losses at the company compared with a year ago.
Cao and his wife Jiang Xiaohong own 47.7% and 4.2% of Yisheng, a combined stake worth over $1.1 billion after discounting collateral shares at today’s closing price of 49.94 yuan. Jiang isn’t involved in business. The company’s shares have gained almost 200% in the past year. Cao holds an undergraduate degree from Shandong Agricultural University and a MBA from China Europe International Business School.
Other China poultry tycoons include Fu Guangming, chairman of KFC supplier Fujian Sunner Development, who ranked No. 1,121 on the 2016 Forbes Billionaires List with wealth of $1.6 billion. China is home to the world’s second-largest population of billionaires after the United States