24yo becomes instant overnight billionaire
A 24-year-old recent university graduate has scored the "gift" of a lifetime from his uber-wealthy parents.
On Tuesday, Eric Tse became an overnight billionaire after his family transferred around one-fifth of their company shares to him.
His parents - Tse Ping and Cheng Cheung Ling - are the founders and executive directors of Sino Biopharmaceutical Limited, a Hong Kong-based investment holding company involved in the medicine products business.
The gifted shares are worth around $US3.8 billion ($A5.5 billion), according to Bloomberg - meaning Mr Tse became one of the world's wealthiest people instantly.
He has also been named as the company's executive director and has been welcomed onto the executive board committee, and Mr Tse will now enjoy a yearly salary of $HK3.9 million ($A498,000) plus bonuses.
A company statement revealed the shares were awarded to Mr Tse as "as a gift at nil consideration".
"The company has also been informed that the purpose of the share transfers carried out by the substantial shareholders is to refine the management and inheritance of family wealth," the statement reads.
"Mr (Eric) Tse will hold the relevant shares in long-term, Mr Tse Ping will remain as a director and the president of the company, members of the Tse Ping family will continue to unite in one heart and one mind and devote the best of their abilities to enhance the core competitiveness and sustainable development of the company.
"With these in mind, the board of directors of the company believes the share transfers will not have any material impact on the business operations of the company."
The company statement also revealed Mr Tse hopes to keep a relatively low profile despite his sudden and immense inheritance.
According to the statement, Mr Tse has "indicated that in response to nomination for Billionaire List or wealth ranking organised by media or other organisations, he will endeavour not to participate in such rankings in his own name, and would recommend participating in such nominations in the name of the Tse Ping family."
According to Bloomberg, Hong Kong has no tax on gifts or inherited wealth.
Eric Tse, who recently graduated from the University of Pennsylvania's Wharton School of Finance, is a prolific Instagrammer, regularly posting snaps of himself with prominent people, including models Bella Hadid and Lily Aldridge, singer Rihanna, Princess Charlene of Monaco and former French First Lady Carla Bruni.
He also appears to be a serious jetsetter, with his social media account littered with pictures of himself holidaying in exotic locations including Dubai, Iceland, Monaco and France.
The graduate is also a keen adventurer, sharing snaps of himself snowboarding, parasailing and ziplining across the globe.
Mr Tse, who also has an older sister, Theresa, was born in Seattle in the US.
His high-flying life started early, with Mr Tse attending primary school in Beijing in China and high school in Hong Kong, before returning to the US for university.