Update | Esprit’s former chairman grants US$115 million in shares to his two daughters, both in their 20s
Claudine Lauren Ying, 29, and the younger Eileen Ying, 20, now each own half of a HK$900 million fortune.
Hong Kong billionaire Michael Ying Lee-yuen, the former chairman of Esprit Holdings, has transferred all of the 211.8 million shares he owned in the fashion retailer worth HK$900 million (US$115 million), to his two daughters, both in their 20s.
Ying, the husband of former screen goddess Brigitte Lin Ching-hsia, transferred all the shares to a company called Total Market Limited on October 9, according to filings to the Hong Kong stock exchange.
His elder daughter Claudine Lauren Ying, 29, and the younger Eileen Ying, 20, own half of Total Market each, according to the filings. Neither have ever owned Esprit shares previously.
Esprit rose almost 1 per cent on Thursday to close at HK$4.27 per share, giving the 211.8 million shares being transferred a market value of HK$900 million, which means the pair of sisters can each pocket HK$450 million.
The transfer makes the Ying sisters the second-largest joint shareholder of Esprit, with a 10.97 per cent stake in the business, while Michael Ying no longer owns any shares.
