3D-Gold Jewellery (Hong Kong)
Lam Sai Wing, the founder of 3D-Gold Jewellery (formerly known as Hang Fung Gold), died suddenly in September 2008, left the company in financial difficulties.
The death of Lam caused series of domino effect. $400 million loan was terminated, share trading was suspended and the company was placed under provisional liquidation after Lam’s death.
Wealth evaporation of 3D-Gold Jewellery valued up to HK$933 million.
Date | Share Price | Issued Shares | Market Value |
|---|---|---|---|
26 Sep 2008 (Fri) | $1.63 | 952,000,000 | $1,551,760,000 |
29 Sep 2008 (Mon) | Announcement of death of the Chairman - Trade suspended | ||
30 Sep 2008 (Tue) | $0.65 | 952,000,000 | $618,800,000 |
Evaporated | $0.98 | 952,000,000 | $932,960,000 |
Lost to Lam's family: 36.55% = HK$340 million | |||
Lost to other investors: 63.45% = HK$591 million | |||
9 months later, Lam’s family left the company and sold their shares to outsiders.
Sources:
- https://www.scmp.com/article/654587/jewellery-maker-3d-gold-plunges-6012pc-after-chairmans-death
- https://business.sohu.com/20081016/n260062004.shtml