Co-Founder of Chinese Apparel Firm Baoxiniao Dies in Car Crash
Zhang Yushuo
/SOURCE : yicai
Co-Founder of Chinese Apparel Firm Baoxiniao Dies in Car Crash

(Yicai Global) April 11 -- Wu Zhensheng, the  co-founder of well-known Chinese clothing firm Baoxiniao Group and  chairman of Royalcover Hometex, died in a car crash on April 9 at the  age of 54.

The accident took place on the elevated highway to  Shanghai's Hongqiao Airport, according to state-backed Chnfund, a  newspaper under the People's Daily. Two senior managers from  Jiaxing-based Royalcover were also injured during the incident. 

Wu insisted on sending the wounded staff to the  hospital first while he waited for the next ambulance. He also asked  doctors to perform surgery on the others first before he passed away  from a visceral rupture, according to one relative.

Wu was the second largest shareholder of tradable  stocks in the listed firm with a shareholding ratio of 3.45 percent. He  was also the largest shareholder in textiles firm Royalcover with a 64.3  percent stake. He ranked 1,431st in the 2018 Hurun China Rich List  alongside Wu Kai, head of battery giant Contemporary Amperex Technology.

Founded in 1996, Wenzhou-based Baoxiniao owns the  Saint Angelo clothing brand among others. It posted revenue of CNY3.1  billion (USD461.6 million) for 2018 and net profit doubled to CNY520  million (USD77.4 million). 

Editor: William Clegg

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Keywords: Apparel , Textile , Saint Angelo , Founder