China Cultural Revolution 'Hero' to Make $30 Mn from IPO

A former Cultural Revolution role model who shot to fame in 1970s China for submitting a nearly blank exam paper is poised to enjoy the fruits of capitalism as his company lists on the stock market.

Zhang Tiesheng's stake in Liaoning Wellhope Agri-Tech Joint Stock will be worth more than 189 million yuan ($30 million) after it lists on the Shanghai exchange, according to company filings.

Zhang is known for handing in an incomplete test paper to a university admissions committee in 1973, saying he was too busy working the land to devote time to academic learning, according to accounts.

He did write a note to graders, which said he had "no respect for the bookworms who for many years have been taking it easy and have done nothing useful".

An "educated youth" sent to work on a rural commune in the northeast province of Liaoning during the decade-long Cultural Revolution, he said that his abilities should be judged on his contributions to the country.

Zhang, who is in his early 60s, later co-founded Wellhope, an agricultural feed company, and now has a 6.8 percent stake in it.

His identity and role in the company were noted by the Beijing Morning Post, which said: "Blank examination paper hero Zhang Tiesheng worth nearly 200 million (yuan) because of share listing."