Yunnan Baiyao not part of Chen's buffet
By Hou Qingyang | China Daily | Updated: 2009-10-30 08:10
Chen Fashu, regarded by many as China's Warren Buffett, has clarified that his promised charity donation of 8.3 billion yuan does not include shares of Chinese medicine maker Yunnan Baiyao Industry Co Ltd.
"The shares to be donated consist of Zijin Mining Group and Tsingtao Brewery (Tsingtao Beer)," said Li Xin, a spokeswoman for Newhuadu Industrial Group Co Ltd, a private company owned by Chen.
"Chen did cash in part of his shares in Zijin to buy stakes in Tsingtao Beer and Yunnan Baiyao. However, the Yunnan Baiyao transaction has still not been completed," said Li. "Reports that Chen will donate shares of Yunnan Baiyao are just speculation."
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