(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