Liu Yiqian is bolstering the auction house he co-founded and is partially owned by his son-in-law, according to Forbes:
Jiangsu Hongtu High Technology, a Shanghai- listed China electrical appliance chain, on Saturday unveiled plans to buy 100% of Beijing Council International Auction Co. for $415.4 million by issuing new shares of the listed company to Beijing Council’s existing shareholders. Beijing Council is currently 32.8% owned by Chen Jia, Liu’s son-in-law, and 32.7% owned by Dong Guoqiang who co-founded the auction company with Liu’s Sunline Group in Beijing in September 2005. Sunline doesn’t currently own shares in Beijing Council.
Beijing Council offers Chinese collectibles ranging from painting to sculptures. Its net profit in 2016, 2017 and 2018 is expected to be $23 million, $30.8 million and $40 million, according to the announcement.
Jiangsu Hongtu High Technology also announced on Saturday it would raise $230.8 million by issuing 46.5 million new shares to majority shareholder Yuan Yafei, who is also a billionaire, and Liu individually at 16.12 yuan per share to support its electronics retailing business and expand Beijing Council’s auction business. Of the $230.8 million to be raised, some $115.4 million will be used to expand the auction business.