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Stock Option Creates a Flurry of Chinese Millionaires
Knowlege used to be the most ``penniless thing'' in China. And, during the first few years of China's reform endeavor, Qinghua University professors were found selling ``tea-soaked eggs'' on the Beijing streets to make up for then inflating daily necessities, according to Chinadaily.
It's no longer the case.
Sun Jiaguang, an academician of China's Academy of Engineering and a professor of Qinghua, has emerged to be a member of the country's elite ``wealth club'' -- a millionaire. Sun, as president of the Beijing-based Qinghua Tongfang Software Ltd Co, now sits atop China's most rapidly developing industry.
``China's 20-year-odd reform and openness has enabled 1.2 billion folks to become well-off, and it's the stock option for scientists who set up high-tech companies with their knowledge making us super well-off,'' Sun was quoted as saying.
Tsinghua Tongfang is the first high-tech company founded in Beijing to allow individuals to turn their scientific achievements into stock options and participate in profit distribution. Lu Zhicheng, Qinghua Tongfang CEO, recently boasted to reporters that his company will make 100 ten-millionaires and 1,000 millionaires in 3-5 years time.
Lu's heroic words are not out of nothing. The implementation of stock option and stock ownership has helped scientists with scientific and technological achievements become rich overnight. Sun and three other scientists now own 4 million out of a total 50 million company stocks.
Since its stocks was listed at the Shanghai Stock Exchange three years ago, its value has expanded six-fold.
Sun said his wealth cannot compete with Yuan Longping, the father of hybrid rice; and Wang Xuan, founder of China's modern printing industry. Yuan's name caps a company which is listed at the Shenzhen Stock Exchange, and Wang's Founder Technology Co Ltd is a barometer share at the Shanghai Stock Exchange.
Both Wang and Yuan are academicians of China's Academy of Sciences and Academy of Engineering.
With the rapid development of China's economy and increasing role of the high technology, analysts predict in 10-20 years, China will have its own ``Bill Gates.''
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