Kieu moves up list of billionaires
Vietnamese American businessman Hoang Kieu has climbed to 628th place in the World's Billionaires list released by American business magazine Forbes as of September 18.
The value of his assets increased from US$1.6 billion to US$2.8 billion after the share price of Chinese plasma supplier Shanghai RAAS Blood Products Co., Ltd climbed on the Shenzhen Stock Exchange.
Kieu owns 183.6 million shares, or 37% of the company. Forbes wrote that the share value rose "amid optimism about healthcare businesses and a shortage of IPOs that have led investors to bid stocks in growing companies to high earnings multiples".
The magazine also noted that the company's revenue for the first three quarters of 2013 rose by 10% to reach 463 million yuan, or US$77 million, while its net profit climbed by 4% to stand at 148.4 million yuan, or US$24.67 million.
In March, Kieu was on the list for the first time in 1078th place, with the value of his assets reaching US$1.65 billion.
Kieu, aged 70, holds an American citizenship and lives in Los Angeles, California. Born in the central province of Quang Tri, he moved to the US with his wife and five children in 1975. He is vice chairman of Shanghai RAAS Blood Products.
The company, founded in 1989 in China, is engaged in research, development, manufacture and distribution of blood products. In 2012, it was on Forbes' Asia's 200 Best Under A Billion list which highlights 200 high-performing Asia-Pacific companies with revenues under US$1 billion.