You will be redirected back to your article in seconds

Jet Li Pays $148 Million for Stock Market Vehicle, Far East Holding

Martial arts superstar, Jet Li has taken advantage of the recent turmoil in Chinese equities. He and his wife have bought a majority stake in Far East Holding Intl., a Hong Kong listed holding company.

The pair invested HK$1.15 billion ($148 million) in the company, heading a group of investors that paid a total of $187 million for the company.

Acquiring through Regent Pacific Business, they paid HK$0.1 per share, a more than 90% discount to the price of the company’s shares before they halted trading on June 29.

The other investors include King Pak-fu, chairman of tourism group Carnival Group Intl., Lau Man-tak, Wang Chou Lingyu and Xu Yong, who appears to be the co-founder of Baidu.

Far East Holding used to be a family-controlled property firm, but after the death of its founder the family has cut its interests, leaving it as little more than a shell company.

Controlling shell companies is seen as an attractive route on to the stock market that can be quicker and involve less scrutiny than a full initial public offering.

The Chinese government has recently introduced a series of measures – including a ban on new IPOs – to prop up its see-sawing stock market, but these have sapped investor confidence in mainland equity markets. In contrast, the Hong Kong market has been buffeted by the Chinese turmoil, but has functioned normally and without restrictions or government intervention.

Li is also a significant shareholder in Alibaba Pictures Group, a company that itself was a reverse takeover last year.

Popular on Variety

More Biz

  • Leonardo Dicaprio Once Upon a Time

    Leonardo DiCaprio's Earth Alliance Commits $5 Million to Amazon Fires

    Earth Alliance, an environmental initiative backed by Leonardo DiCaprio, has committed $5 million toward the preservation of the Amazon rain forest following an alarming surge in wildfires. After launching Sunday, the organization’s emergency Amazon Forest Fund is working to support local partners and indigenous communities in their efforts to protect the sensitive habitats within the [...]

  • Harvey Weinstein

    Weinstein Can Get a Fair Trial in Manhattan, Says D.A.

    The Manhattan District Attorney’s office argued on Friday that Harvey Weinstein can get a fair trial in Manhattan, and blamed the producer’s defense team for much of the pre-trial publicity in the case. Weinstein’s attorneys have asked an appellate court to transfer the case — which is set to begin on Sept. 9 — to [...]

  • Leonardo DiCaprio Madonna

    Leonardo DiCaprio, Madonna Call for Action on Amazon Wildfires

    As wildfires rage at an alarming rate in Brazil’s Amazon rain forest, celebrities are using their platforms to bring awareness to the deforestation’s impact and to call for action. In the past week, stars like Leonardo DiCaprio, Madonna, Cara Delevingne and Ariana Grande have taken to Instagram to express their frustration with the lack of [...]

  • 'The Durrells' TV Show

    Greece Sweetens Production Incentives as Struggling Country's Economy Rebounds

    It’s taken the better part of a decade for Greece to show signs of recovery from the crippling crisis that almost pushed it out of the Eurozone. Now, with the economy slowly on the mend, the government is doubling down on efforts to jump-start the local film industry, giving a dramatic overhaul to the incentive [...]

  • Warner Music Group Partners With Audiomack

    Warner Music Group Partners With Audiomack

    Warner Music Group announced it has entered a partnership with the music streaming and discovery service Audiomack, marking the platform’s first licensing deal with a major label. According to the announcement, the two companies will work together on content concepts and explore ways to break emerging artists, connecting music fans with rising talent before they [...]

  • Scooter Braun Congratulates Taylor Swift on

    Scooter Braun Congratulates Taylor Swift on ‘Brilliant’ Album and Campaign

    Two days after Taylor Swift fired off the latest salvo in her battle with Scooter Braun, the manager congratulated the singer on the campaign around her “brilliant” new album, “Lover,” which arrived last night. The message came after Swift said she will be re-recording songs from her first six albums, which are now owned by [...]

  • David Koch Obit

    David Koch, Libertarian Activist and Billionaire Philanthropist, Dies at 79

    David Koch, brother of Charles Koch and one of the owners of Koch Industries, the second-largest private company in the U.S., has died at 79. According to the New York Times, Charles Koch announced the news of his brother’s death in a statement. Though he did not attribute to David’s death to a particular cause, [...]

More From Our Brands

Access exclusive content