Xujiahui gamble pays off for Yu

SHANGHAI: For a writer as renowned as Yu Qiuyu, not only knowledge could be earning him a fortune.

His holdings in Xujiahui Commercial Center Co, a Shanghai-based retailer which is approved to list on the Shenzhen bourse, is estimated to add at least over 60 million yuan to Yu's pocket once the firm goes public.

According to Xujiahui Commercial's prospectus to the China Securities Regulatory Commission last Friday, Yu holds 1.5 percent of the firm's shares for 2.41 million yuan, or 2.92 yuan apiece, making him the 10th largest shareholder of the company.