Nina Wang

Nina Wang
Nina Wang
Born	Kung Yu Sum; Template:Birth date; Shanghai, China
Died	April 3, 2007 (aged 70)
Occupation(s)	Businesswoman, Chairlady of Chinachem Group
Known for	Asia's richest woman, Chairlady of Chinachem Group

Nina Wang, originally named Kung Yu Sum (; 29 September 1936 – 3 April 2007), was recognized as the wealthiest woman in Asia, with her net worth estimated at approximately US$4.2 billion at the time of her passing. She was married to Teddy Wang, a prominent chemical industry tycoon from Hong Kong, who vanished following a kidnapping incident in 1990.

Early life

Born in Shanghai to parents from Wenzhou, Kung Yu Sum shared a childhood friendship with Teddy Wang. His father established a paint and chemical enterprise that eventually developed into the Chinachem Group, one of Hong Kong’s leading corporations, notable for its significant pharmaceutical sector. The Wang family later moved to Hong Kong, and in 1955, Nina became Teddy Wang’s wife.

Affectionately called "Little Sweetie" ("Siu Tim Tim" or "小甜甜"), she was distinguished by her adherence to traditional Chinese aesthetics. At her death, she held the title of Asia’s richest woman and ranked as the 35th wealthiest individual globally, surpassing renowned personalities such as Oprah Winfrey.

Kidnappings

Teddy Wang was abducted on 12 April 1983 and detained for eight days until Nina paid a ransom amounting to $33 million. He was kidnapped again in April 1990 but was never recovered. After his disappearance, Nina assumed the role of Chairlady at Chinachem, transforming it into a major player in property development.

Contested wills

Since Teddy Wang’s remains were never located, he was legally declared deceased in 1999. This declaration sparked a dispute over his inheritance involving at least three separate wills. The earliest will, dated 1960 and uncontested, divided the estate equally between Nina and Teddy’s father, Wang Din-shin. A subsequent will from 1968—whose legitimacy is disputed—awarded the entire estate to Din-shin and was reportedly drafted after Teddy learned of Nina’s extramarital relationship.

A third will from 1990, created one month prior to Teddy’s abduction, bequeathed all assets to Nina. This document included the English phrase "one life, one love" alongside Chinese text critical of the Wang family and was witnessed by the family butler. After an extensive legal battle lasting 171 days and involving top-tier Hong Kong legal counsel—and amid allegations of Nina’s infidelity—High Court Justice David Yam declared the 1990 will fraudulent in November 2002, assigning Teddy’s roughly $128 million estate to Wang Din-shin. Nina appealed but was defeated in a June 2004 decision by a 2–1 margin, resulting in the transfer of funds to Din-shin.

In January 2005, forgery charges were filed against Nina Wang; however, she was granted bail. Later that year, in September, the Court of Final Appeal reversed the High Court’s verdict, reinstating Nina’s control over the multibillion-dollar Chinachem Group. By December 2005, all fraud allegations were dismissed, effectively clearing her name.

Death

On 4 April 2007, Chinachem publicly announced Nina Wang’s death at Hong Kong Sanatorium and Hospital. Although the cause remained undisclosed officially, reports indicated she had ovarian cancer. Chinachem subsequently confirmed that she had been diagnosed with an unspecified illness in February 2004 and had undergone treatment for over three years at Brigham and Women's Hospital in the United States—a Harvard University-affiliated medical center—prior to her demise.

Controversy over cause of death

In an interview with Apple Daily during April 2007, shipping magnate Cecil Chao criticized Stanley Ho—a gambling industry figure—who attributed Wang’s death to stinginess. Chao remarked that the High Court judgment against Wang and related forgery accusations took a severe toll on her health. He commended her for maintaining humility and sharpness despite her billionaire status.

On 8 April 2007, the Kung family formed a 'funeral arrangement committee' comprising 45 members; notably absent from this group was Stanley Ho.

Estate matters and legal developments

On 8 April 2007, the Hong Kong publication Sunday Morning Post revealed that, according to her attorney Jonathan Midgley, Wang had designated a single beneficiary in her will, refuting assertions that her wealth was intended for charitable purposes.

The following day, 9 April 2007, Apple Daily reported that the Kung family maintained Nina Wang’s wish was to dedicate the majority of her multi-billion dollar fortune to a charitable foundation focused on medical and educational initiatives in mainland China. In response to Midgley’s comments, the family convened an urgent meeting, while Midgley himself declined to confirm his role in handling the will.

Shortly after her funeral, two wills purportedly drafted in 2002 and 2006 surfaced through Next Magazine and Apple Daily. The 2002 testament allocated Wang’s assets to her charitable trust, whereas the later document identified her personal feng shui advisor, Tony Chan Chun-chuen, as the heir.

Following an extensive legal dispute, on 2 February 2010 the court determined that despite Tony Chan’s claim of a confidential relationship with Wang, the 2006 will he submitted contained a forged signature. The ruling validated the 2002 will, granting Wang’s entire estate to the ChinaChem Charitable Foundation. Chan declared his intention to appeal but was detained the next day on allegations of forgery.