- Zhao Bingxian must pay ex-wife Lu Juan $75 million in divorce settlement
- The court ordered equal division of shares in their investment firm
- Lu cited domestic violence and asset disputes in the 2010 divorce filing
A Beijing court has ordered Chinese investor Zhao Bingxian, dubbed "China's Warren Buffett," to pay his ex-wife, Lu Juan, $75 million (Rs 664 crore) in their divorce settlement. The ruling mandates an equal split of shares in the couple's co-founded company, Beijing Zhongzheng Wanrong Investment Group. The couple, who met in 1986 and married two years later, had their divorce proceedings initiated by Lu in 2010, citing domestic violence and seeking a fair division of their assets, South China Morning Post reported. The case has garnered significant attention on social media, with many intrigued by the substantial alimony amount.
This ruling is based on the value of their jointly held shares in Beijing Zhongzheng Wanrong Investment Group. The case's outcome was disclosed by Shenzhen-listed Shandong Wohua Pharmaceutical Company, where Zhao serves as chairman, on November 4.
63-year-old Zhao Bingxian, dubbed "China's Warren Buffett", holds a master's degree in finance from Shanghai Jiao Tong University. He met Lu Juan, his future wife, in 1986 while serving in the People's Liberation Army, and they married in 1988. Lu's family had a history of investing, and her grandfather's guidance led the couple to start trading shares in the 1990s. They co-founded Zhongzheng Wanrong, with Lu handling finances and Zhao overseeing capital operations, and achieved success in their initial investments.
Bingxian's investment firm, Beijing Zhongzheng Wanrong Investment Group, has helped numerous mainland Chinese companies list on stock exchanges in Hong Kong, Shanghai, and Shenzhen. He's also a published author - his 1997 book on capital operations became a top 10 bestseller in China, earning him the nickname "China's Warren Buffett".
In April 2010, Lu filed for divorce, citing multiple instances of domestic violence by Zhao. "After I expressed my desire to divorce, he threatened that the divorce would cause a significant drop in share prices, affecting him and his associates," Lu recounted to the Beijing Morning Post.
Zhao Bingxian reportedly delayed the divorce proceedings by repeatedly failing to appear in court, citing illness or business commitments. The situation turned contentious when Lu Juan removed a steel safe containing company assets, leading Zhao to accuse her of theft and resulting in her 37-day detention. Lu withdrew her initial divorce application but refilled it in August 2011, citing ongoing issues.
The divorce case was first heard in June 2023 at the Tongzhou District People's Court in Beijing. The court ruled that the couple's common property should be shared equally, declaring a disputed share transaction document forged by Zhao in 2010 as invalid. Zhao appealed, but the Beijing No 3 Intermediate People's Court upheld the original verdict, ordering him to pay Lu approximately 536 million yuan in alimony.
