YANG ZHIMAO, chairman of Guangdong Golden Dragon Development Inc., has become a billionaire after the Dongguan, Guangdong Province-based conglomerate has soared more than 30 percent since December.

    Yang and Zhu Fenglian, a person described in Golden Dragon’s annual report as a “close family member,” control half of the Shenzhen-listed company. The stake is worth more than US$1 billion.

    “The firm’s financial holding platform has much room for expansion in the future,” Zhao Xianghuai, a Shanghai-based analyst at Guotai Junan Securities Co., said in a Jan. 28 research note.

    Golden Dragon closed up 6.37 percent yesterday, while the benchmark Shanghai Composite Index was down 1.75 percent, led by property-related sectors after news reports stoked fears that banks have begun tightening loans to developers ahead of next week’s annual parliamentary meetings. Golden Dragon’s shares had surged 30.12 percent as of yesterday this year.

    The firm’s rise has been fueled by its acquisition of a 66 percent stake in Zhongshan Securities Co., and by the move of the China Securities Regulatory Commission, which lifted a 14-month ban on initial public offerings (IPOs).

    Golden Dragon’s profit may rise 129 percent to 53.9 million yuan (US$8.9 million) in 2013, once Zhongshan Securities’ fourth-quarter profits are included in its results, the company said in a Jan. 16 filing with the Shenzhen Stock Exchange. (SD-Agencies)