Chinese billionaire Tong Jinquan has emerged as a significant shareholder in John Fredriken offshore company Seadrill.
Chinese property tycoon Tong Jinquan now controls 25.6m shares, or about 5.2%, of the drilling company. The stake is worth around $370m based on the closing price of Seadrill’s shares of $14.34 each on Monday.
Tong Jinquan controls the stake via a number of investment holding companies including Singapore-registered Shanghai Summit Pte.
Forbes currently estimate Tong Jinquan's wealth to be around $4.8bn, compared to that of John Fredriksen, which is around $11bn.
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