Bottled water IPO makes founder China’s third-richest person as shares surge on debut2 min read 08 Sep 2020, 03:49 PM IST
Retail portion of Nongfu deal was 1,148 times oversubscribed; shares of the bottled-water maker jumped as much as 85% and closed up 54% in Hong Kong
The surge has pushed the net worth of Zhong Shanshan, who owns 84% of the company he founded in 1996, to $51 bn
It was the hottest IPO in town. Now Nongfu Spring Co.’s stock surge has turned its founder into China’s third-richest person.
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