Chinese Snack Retailer Busy Ming Soars Over 70% In Market Debut, Mints Two Billionaires |
Busy Ming Group, a Chinese snack retailer known for its low-cost products, has minted two billionaires thanks to its blockbuster Hong Kong market debut on Wednesday that saw its shares surge over 70% from their initial public offering price.
The two new members of the three-comma club are Yan Zhou and Zhao Ding. According to Forbes estimates, Yan, the 38-year-old chairman, has a fortune of $3.1 billion, while Zhao, the 36-year-old deputy chairman, has a net worth of $2 billion. Both derive their fortune from stakes in the Changsha, Hunan-headquartered retailer.
Busy Ming raised HK$3.7 billion ($470 million) in the IPO, selling 15.5 million shares at HK$236.6 apiece, at the top end of a marketed range. It plans to use the proceeds to upgrade its supply chain and stores, and step up promotional activities, according to its prospectus. The share sale, whose retail tranche has been........