Business Maverick: Jump in Hottest Hong Kong IPO Makes Founder China’s Second Richest

Shares of the bottled water maker jumped as much as 85% and traded up 63% as of 10:36 a.m. in Hong Kong, on pace to be the city’s third-best initial public offering on record among firms raising more than $1 billion.

That’s pushing the net worth of Zhong Shanshan, who owns 84% of the firm he founded in 1996, to almost $54 billion, according to the Bloomberg Billionaires Index. He’s now the wealthiest person in China, just after Alibaba Group Holding Ltd.’s Jack Ma and above Tencent Holdings Ltd.’s Pony Ma. The IPO was a smash hit in Hong Kong, so much so that the retail portion was oversubscribed by more than 1,100 times and Nongfu increased the number of shares allocated to the public. That was after it priced at the top end of a marketed range.

The IPO market in China and Hong Kong has remained vibrant this year despite the coronavirus outbreak. Companies raised almost $60 billion via new share sales in 2020, more than double from the same period in 2019, data compiled by Bloomberg show. Hong Kong is becoming an increasingly popular listing venue amid U.S.-China tensions, while demand from retail investors has been surging as ample liquidity encouraged banks to lend.

Italia Ultime Notizie, Italia Notizie

Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.

BUSINESS MAVERICK: Mobile commerce opens the taps of township bountySouth African FMCG players like SAB, Albany Bread, Pep, Shoprite and MTN have long recognised the economic power latent within this country’s sprawling townships. Others have too, but have not known how to tap into it. The rise of mobile commerce is changing that.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »

Business Maverick: Germany Uses Novichok as Leverage With Kremlin Over Gas PipelineChancellor Angela Merkel’s top diplomat warned Russia that Germany’s support for the Nord Stream 2 gas pipeline is at risk if the Kremlin doesn’t assist in clarifying the poisoning of dissident Alexey Navalny.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »

Business Maverick: Elon Musk’s Option Haul Swells to Almost $9 Billion With Third PayoutTesla Inc.’s stock setback this week wasn’t enough to hinder Elon Musk’s improbable payouts, now amounting to a staggering $8.8 billion.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »

Business Maverick: Samsung Wins $6.6 billion 5G Verizon Deal While Huawei StrugglesSamsung Electronics Co. won a 7.9 trillion won ($6.6 billion) order to provide fifth-generation wireless solutions to Verizon Communications Inc. in the U.S., a big win for the electronics giant’s networking gear business.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »