Sunday , June 23 2024

American-Vietnamese businessman admits losing $6.8B


Vietnamese-born businessman Hoang Kieu has said he is no longer a Forbes-listed billionaire after losing $6.8 billion in stock investments but was planning to regain his title in two years.

“It is true that I am no longer ranked 148th in the Forbes 400 list,” he told NgoiSao. “I lost $6.8 billion as stock investments and my Hong Kong-based company, which was a Shanghai RAAS stakeholder, was declared bankrupt.”

Vietnamese-American businessman Hoang Kieu. Photo from Hoang Kieus Facebook

Vietnamese-American businessman Hoang Kieu. Photo from Hoang Kieu’s Facebook

The businessman said he deposited his securities properties, which were worth $3.8 billion, to a bank to borrow $1 billion. He then used that money to buy shares of Shanghai RAAS Blood Products company. His net worth increased when the company’s stock price hiked.

However, when Shanghai RAAS’ stock price dipped in 2017, his net worth was estimated to decrease by 70%. He received a margin call to make up for the amount of money he originally borrowed as well as the interest, which was cumulatively around $3 billion at that moment, making him lose a total of $6.8 billion.

“It’s normal being a billionaire today and losing the title tomorrow when prices of the stock you invested in dip,” he said.

The Vietnamese-born tycoon added that his businesses and real estate in the U.S. had not been affected.

“I’m no longer a Forbes-listed billionaire, but basically nothing has changed in my life,” he said. “I still have cash and real estate. I’m trying to regain my billionaire title, this time with a higher ranking in the Forbes list.”

He said that although he was removed from the list of richest Americans in 2017 following the fall in the price of Shanghai RAAS Blood Products’ stocks, he did not go bankrupt as he still had financial capital left.

He added that he had donated money for poverty relief during the pandemic and had offered to raise Vietnamese-American singer Phi Nhung’s 23 adopted children when the singer passed away in 2021, but her family members and friends looked after them instead.

Hoang Kieu was listed by Forbes as a billionaire in 2014, when his net worth was estimated to be around $1.7 billion. His total assets were estimated to reach around $3.8 billion in 2015, making him the 148th richest American.

However, he was absent from the list starting 2018, when his net worth was estimated to be around $1.6 billion only. His assets continued to drop and he was no longer a Forbes-listed billionaire starting in 2019.

Hoang Kieu created buzz on social media when he publicly said he was no longer a billionaire and was even $3 billion in debt during a livestream in 2021.

Rumors about him going bankrupt have recently circulated.

According to Forbes, the Vietnamese-born businessman came from a poor family background. His family immigrated to the United States in 1975. He worked for Abbott’s laboratory before establishing his company Rare Antibody Antigen Supply (RAAS).

Hoang Kieu collaborated with Shanghai Blood Center in 1987 and established Shanghai RAAS Blood Products a year later. He is currently the vice chairman of Shanghai RAAS Blood Products, which is listed on the Shenzhen Stock Exchange.

He also owns a vineyard in Napa valley, California.

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