The listing this month of electronics maker Guangdong Ellington Electronics at the Shanghai Stock Exchange has lifted its controlling Lee family of Hong Kong into the ranks of the world's billionaire clans.
High Tree, which is 100% owned by three sons of entrepreneur Lee Lap, holds 391 million shares, or about 80% of Guangdong Ellington. The shares were worth $1.7 billion today.
Lee and his family also hold a 64% stake in Hong Kong-listed Termbray Industries International, whose businesses include real estate investment and oil field engineering. Termbray Industries owns 31% of Termbray Petro-king Oilfield Services, whose shares are also traded in Hong Kong.
Guangdong Ellington manufactures printed circuit boards.
Underscoring the differences in transparency between Hong Kong- and mainland China-listed businesses for international investors, Ellington's shareholding services department declined to provide the English-language names of Lee's three sons that are its controlling shareholders.
According to a Hong Kong filing, Ellington's chairman is Lee Wing Keung (click here for a photo). Another brother, Tommy Lee, is the CEO of Termbray Industries.
– With Maggie Chen, Mao Yanjie, Cherish Xiong
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