Once-unstoppable glove king loses billions after 89% stock crash - Printable Version +- Ipoh Community Forums (https://forums.ipoh.com.my) +-- Forum: News and Current Affairs (https://forums.ipoh.com.my/forum-11.html) +--- Forum: Local News (https://forums.ipoh.com.my/forum-12.html) +---- Forum: Business. Economy and Investment (https://forums.ipoh.com.my/forum-60.html) +---- Thread: Once-unstoppable glove king loses billions after 89% stock crash (/thread-6024.html)

Once-unstoppable glove king loses billions after 89% stock crash - superadmin - 07-13-2022 KUALA LUMPUR: For a moment, Lim Wee Chai’s ascent looked unstoppable. His Top Glove Corp grew bigger than Malaysia’s banks, telecommunications firms and even the state-owned Tenaga Nasional Bhd during the Covid-19 pandemic. Its stock price soared 450% through the first seven months of 2020, leaving high-flyers like Moderna Inc, Zoom Video Communications Inc, Peloton Interactive Inc and Carvana Co in the dust and making Lim a billionaire several times over. The maker of one out of every four gloves in the world said in September 2020 it expected “fresh highs” after profit surged 1,500%. By June 2021, as vaccines rolled out across the globe and more competitors entered the market, that guidance shifted to a gradual decline in selling prices. The company vowed six months later to press forward with an expansion, undeterred by its stock tumbling back to pre-Covid levels. - More -