How this 24-year-old from Hong Kong became a billionaire overnight

A 24-year-old from Hong Kong has become a billionaire overnight – and no, he didn't win the lotto.

Eric Tse, who can be seen on Instagram talking to Bill Gates and going to the basketball with Yao Ming, was last given a grant of 2.7 billion shares by his parents who are founders of Chinese drug empire Sino Biopharmaceutical.

Those shares are estimated to be worth as much as AUD $5.5 billion, instantly catapulting 24-year-old Tse into the mix as one of the top 100 richest people in Asia.

In a company statement, Tse's parents said the shares were "a gift at nil consideration" and give their son ownership of one-fifth of the company.

Despite Tse's wealth now nominates him for the a ranking on the world Billionaire List, it appears the 24-year-old wishes to keep a low profile.

"In response to nomination for Billionaire List or wealth ranking organized by media or other organizations, he will endeavour not to participate in such rankings in his own name", Tse said in a statement.

"He would recommend participating in such nominations in the name of the Tse Ping family."

The statement said the gift was given to "refine the management and inheritance of family wealth", and the move was co-signed by Sino Biopharmaceutical's Chairlady Therese Tse, Eric's sister.

Tse is part of a new wave of wealth in China.

A "rich list" released earlier this month showed that although Chinese wealth is concentrated in the hands of tech entrepreneurs, pharmaceutical moguls – like those in Tse's family – are making ground. Pharmaceutical moguls make up 8 percent of China's rich list, double that of 10 years ago.

China's young rich also sparked last year's viral "flaunt your wealth" challenge, which later spread worldwide.

The challenge involved people photographing themselves pretending to fall out of luxury cars or trip, spreading their expensive belongings in front of them as if they've just casually fallen out of their pockets.

With CNN