Homepage
PR Newswire
06-06-2018, 08:19 PM
A 9,500% Stock Surge Turns Janitors Into Millionaires in China
Bloomberg News
June 6, 2018, 12:00 AM GMT+8 Updated on June 6, 2018, 10:36 AM GMT+8
At most big companies, it’s pretty clear who the millionaires are: top executives, rainmakers, science whizzes with PhDs.
But at China’s Sunny Optical Technology Group -- whose stock has climbed faster than any other in MSCI Inc.’s global indexes over the past decade -- the richest employees are just as likely to be factory workers, janitors and cafeteria chefs.
The lens maker’s unusual decision to hand out stakes to early employees, regardless of their position, has turned hundreds of them into millionaires, according to data compiled by Bloomberg. The previously unreported value of their holdings has ballooned as Sunny Optical’s shares surged more than 9,500 percent since June 2008, trouncing even Netflix Inc.’s 7,500 percent gain.
Founded more than three decades ago by a former appliance-factory worker with a high school education and less than $10,000 of borrowed cash, Sunny Optical is now a $22 billion behemoth that supplies lenses to the likes of Samsung and Xiaomi. Growing demand for cameras in smartphones, cars and drones fueled a decade-long streak of rising profits at the company, helping propel the shares’ dizzying rally.
More details in https://www.bloomberg.com/news/articles/...s-in-china
Bloomberg News
June 6, 2018, 12:00 AM GMT+8 Updated on June 6, 2018, 10:36 AM GMT+8
At most big companies, it’s pretty clear who the millionaires are: top executives, rainmakers, science whizzes with PhDs.
But at China’s Sunny Optical Technology Group -- whose stock has climbed faster than any other in MSCI Inc.’s global indexes over the past decade -- the richest employees are just as likely to be factory workers, janitors and cafeteria chefs.
The lens maker’s unusual decision to hand out stakes to early employees, regardless of their position, has turned hundreds of them into millionaires, according to data compiled by Bloomberg. The previously unreported value of their holdings has ballooned as Sunny Optical’s shares surged more than 9,500 percent since June 2008, trouncing even Netflix Inc.’s 7,500 percent gain.
Founded more than three decades ago by a former appliance-factory worker with a high school education and less than $10,000 of borrowed cash, Sunny Optical is now a $22 billion behemoth that supplies lenses to the likes of Samsung and Xiaomi. Growing demand for cameras in smartphones, cars and drones fueled a decade-long streak of rising profits at the company, helping propel the shares’ dizzying rally.
More details in https://www.bloomberg.com/news/articles/...s-in-china
Specuvestor: Asset - Business - Structure.
