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Chinese tycoon scrambles to hold Goldin empire together

Pan Sutong pledges stake as company fights creditors for headquarters

HONG KONG -- Chinese tycoon Pan Sutong is rushing to raise funds to hold onto what remains of the once-grand business empire he built spanning property, consumer electronics, financial services and wine.

Shares of Goldin Financial Holdings, the horse and wine enthusiast's surviving listed company in Hong Kong, climbed 21.2% to HK$1.20 on Friday after the company announced that a top lieutenant of Li Ka-shing, founder of CK Hutchison Holdings, would assume the post of vice chairman to provide "financial and restructuring advice."

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