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Business Maverick: Billionaire Rides Cooking Oil Dominance to Record China IPO

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Kuok Khoon Hong pulled off a remarkable second act. The billionaire sold shares of his China business in the biggest ever initial public offering on the Shenzhen Stock Exchange, thanks to the most popular cooking oil brand in the country.

has been a staple of Chinese kitchens for decades and fueled demand 3,499 times the amount of shares offered to retail investors online.After starting production in 1991 from the mainland’s first packed oil production line, the unit of Kuok’s Wilmar International Ltd. now has 40% of a Chinese edible oil market that consumes almost 40 million tons annually.

The share sale surpassed CGN Power Co.’s 12.6 billion yuan listing in 2019 to be the largest IPO ever in Shenzhen, according to data compiled by Bloomberg. The IPO appealed to the mainland’s individual retailers with a promise to share profits with the Chinese people and contribute to the economy of its homeland.

 

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