2018 Wharton graduate Eric Tse's parents gifted him with over $3.8 billion worth of shares from the family company, creating a place for him among Asia’s growing billionaire club.
Wonder what it is like to hang out with Rihanna in New York City, watch basketball games with retired NBA player Yao Ming, and pose with Lily Aldridge at a Bulgari party in Venice? According to 2018 Wharton graduate Eric Tse, it is “#casual.”
While Tse has been posting pictures of his lavish lifestyle on Instagram for years, his parents gifted him with over $3.8 billion worth of shares from the family company on Oct. 22, creating a place for him among Asia’s growing billionaire club.
Tse's father, Tse Ping, is the founder of multibillion dollar pharmaceutical company Sino Biopharmaceutical, and his mother Cheung Ling Cheng is also an executive director of the company. On Tuesday, Tse's parents granted him 2.7 billion company shares, 21.45% of the company’s total shares. The transfer places Tse among Forbes’ top 550 wealthiest people in the world.
A statement released by Sino Biopharmaceutical said the shares were transferred to Tse to “refine the management and inheritance of family wealth."
Tse was also appointed an executive director of the company, which Business Insider reported would earn him around $498,000 annually plus bonuses. However, the statement from Sino Biopharmaceutical added that Tse’s father remains a director and president and that “the board of directors of the Company believes the Share Transfers will not have any material impact on the business operations of the Company."
At Penn, Tse co-founded the Penn Wharton China Summit, now America’s largest student organized summit in China. After graduating, he was awarded the prestigious Schwartzman Scholarship at Tsinghua University in Beijing. Tse also serves as a director on at least five other company boards in Hong Kong.
Despite his recent financial endowments, Tse wishes to not participate in wealth rankings. According to the statement released by the company, “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."
The combined value of Sino Biopharmaceutical shares held by the family is about $8.5 billion, Bloomberg reported. Tse’s parents now own 15.62% of the company, down from 37.07% before the transfer.
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