Esprit Holdings shares worth HK$900m given to sisters
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Former Esprit Holdings chairman Michael Ying Lee-yuen has transferred all 211.8 million shares he owned in the fashion group, worth HK$900 million (US$115 million), to his two daughters.
Ying, the husband of former movie star Lin Ching-hsia, transferred the shares to the company Total Market, according to a Hong Kong stock exchange disclosure of interests filing.
His daughters Claudine Lauren Ying, 29, and Eileen Ying, 20, each own half of Total Market. Neither daughter has previously owned Esprit shares, but the transactions makes them jointly the brand’s second-largest shareholder with a 10.97 per cent stake.
Their 67-year-old father no longer owns any Esprit shares. He joined the fashion group in the 1970s and played a key role in building it into a global brand. He stepped down as head in 2006, and had sold most of his stake by 2010.
Ying has a net worth of about US$2.4 billion, Forbes estimates.
Questions & Answers
Q.What percentage of Esprit Holdings do the daughters now jointly own?
What percentage of Esprit Holdings do the daughters now jointly own?
The daughters jointly own a 10.97 per cent stake in Esprit Holdings. This transaction makes them the brand’s second-largest shareholder.
Q.When did Michael Ying step down as the head of Esprit Holdings?
When did Michael Ying step down as the head of Esprit Holdings?
Michael Ying stepped down as the head of the fashion group in 2006. He had joined the company in the 1970s and was instrumental in its growth.
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