Man becomes a billionaire overnight, thanks to his parents

Ever dreamed of becoming a rich man overnight? It happened to one man in Asia, albeit with some help from his parents.

According to a statement released by Sino Biopharmaceutical, the parents of 24-year-old Eric Tse, through a series of transfers on October 22, gave a total of 2.7 billion shares of the company to Tse.

The transfers, according to reports from Hong Kong-based newspaper South China Morning Post, are worth about US$3.8 billion. The report also noted a lack of taxes on gifts and inherited wealth in Hong Kong, meaning the gifts came tax-free.

Company officials said the share transfers were done to "refine the management and inheritance of family wealth".

This story was reported on from Phoenix.