U.S. Billionaire's Golden Eagle Soars Nearly 34% In Hong Kong On Privatization Offer

Shares in Hong Kong-listed Golden Eagle Retail Group, a developer of office buildings and malls in China controlled by Chinese American billionaire Roger Wang, soared by 33.9% to HK$6.56 on Monday after a privatization offer was announced on Sunday. ADVERTISEMENT. Wang, Golden Eagle's chairman, would with his family buy the approximately 20% of shares that they don't currently own for HK$6.88 per share. Profit at Nanjing, China-headquartered Golden Eagle fell by 53.6% last year to 748.4 million yuan amid slowing economic growth in China, in part owing to Covid lockdowns that ended last December. Wang, Golden Eagle's chairman, also invests in auto services, healthcare and education. Wang's daughter Dorothy Wang is better known than her dad in the U.S., where she is a social media star associated with shows such as "Bling Empire." ADVERTISEMENT. Roger Wang, a mainland China native, grew up in Taiwan where he received an undergraduate degree in economics at Chinese Culture University in 1969 before earning a MBA from Southeastern Louisiana University in 1973. He first got rich building condos around L. A. and returned to China in 1992 to start Golden Eagle.