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

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It was the hottest IPO in town. Now Nongfu Spring Co.’s stock surge is turning its founder into China’s second-richest person.

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.

 

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