INSUBCONTINENT EXCLUSIVE:
Lens Technology shares have slumped 62 per cent this year.iPhone and Tesla touchscreens once made her China's richest woman
The U.S.-China trade war has made her the biggest loser in 2018 among Chinese billionaires.Zhou Qunfei, the chairman of consumer electronics
supplier Lens Technology Co., has lost 66 percent of her fortune, or $6.6 billion, this year -- the biggest drop in percentage terms among
China's wealthy -- based on the top 1,000 profiles in the Bloomberg Billionaires Index.Lens Technology shares have slumped 62 percent this
year, driven by a selloff of Apple Inc
President Donald Trump stepped up trade tariffs on China, and as Elon Musk agreed to resign as Tesla Inc
chairman following a Securities and Exchange Commission probe.The wealth rout has also dragged down the fortunes of billionaires like
Alibaba Group Holding Ltd
founder Jack Ma and Tencent Holdings Ltd
Chief Executive Officer Ma Huateng
released Friday found Chinese stocks have been harder hit by adverse trade policy news than any other country."Chinese equities have
generally been more responsive to negative trade war news in recent months, more sluggish to recover than U.S
equities and less impacted by positive trade war news than elsewhere," analysts Jamie Thompson and Liam Gallagher wrote.Many Apple suppliers
in greater China, including Lens, fell last month after Trump said he was willing to slap tariffs on an additional $267 billion of Chinese
goods, on top of duties on $200 billion in imports he was already considering
Tariffs and any relocation of manufacturing plants to the U.S
would increase costs, while the possible rise of nationalism in China may lead to a boycott of U.S
brands such as Apple, hurting suppliers, Capital Futures analyst Yeason Jung said last month.Lens also laminates display panels for Tesla
Many of Tesla's Asian suppliers declined after the SEC accused Musk of misleading investors when he tweeted funding had been lined up to
take the carmaker private, leading to a $40 million settlement.Zhou was born in Xiangxiang, in China's Hunan province in 1970
After working for six years at a factory producing glasses, she left to start her own company in Shenzhen, the predecessor to Lens
It began trading on the Growth Enterprises board in Shenzhen in March 2015
Her husband, Zheng Junlong, is a shareholder and vice chairman of Lens.(Except for the headline, this story has not been edited by
TheIndianSubcontinent staff and is published from a syndicated feed.)
