-- The US Treasury Department sanctioned Hengli Petrochemical (SHA:600346) for purchasing Iranian crude oil on Friday, prompting a selloff in the company's stock.
Shares of the company plunged 10% on Monday following the department's announcement.
Around $1.4 billion was wiped from the combined net worth of founders Fan Hongwei and Chen Jianhua, Bloomberg reported Tuesday, citing data from the Bloomberg Billionaires Index.
Nearly half of the pair's net income gains for 2026 have been erased following the announcement, according to the report.
In a Monday filing on the Shanghai bourse, the company said it opposes the US Treasury Department's "unfounded accusations and unlawful unilateral" sanctions.
Hengli Petrochemical's shares rose nearly 3% Tuesday afternoon in Shanghai.
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