There’s no denying that A-list celebs who work in China are filthy rich. After raking in the dough through acting, singing and commercials, many of them also start an an investment portfolio to grow their money even more. While some celebs like Nick Cheung and Barbie Hsu prefer to dabble in the property market, others have chosen to invest in stocks instead.
But of course there is no such thing as a risk-free investment as 20 Chinese celebs, including Zhang Yimou, Huang Xiaoming and Li Chen, have learned. Their respective investments in Chinese streaming company LeTV have lost over S$30mil after it was forced to be delisted from the stock market.
The decision was made after the company was revealed to have unaudited debts snowballing to over S$1.8bil in 2018. LeTV was then warned that they would be delisted if their 2019 annual report failed to meet regulatory demands. The company was first listed on the stock exchange a decade ago and at that time, the value of its stock had risen dramatically.