Alibaba-backed Huitongda Network rose on its debut at the Hong Kong Stock Exchange today, lifting the fortune of its billionaire chairman Wang Jianguo.
Shares in the provider of retail supply chain services rose to HK$43.70 at noontime in Hong Kong, compared with an IPO price of HK$43.00, leaving Huitongda Chairman Wang Jianguo’s holdings worth approximately $900 million. Wang also notably controls Kidswant Children Products, which went public at the Shenzhen Stock Exchange last year, and has an overall fortune of more than $2 billion.
Huitongda’s IPO raised $270 million and attracted investment from SenseTime, which itself recently went public in Hong Kong, among others. Alibaba holds about 17% of Huitongda, which focuses on rural areas.
Wang, who resides in the eastern China city of Nanjing, holds an EMBA from Australian National University and a Ph.D. in business from Arizona State University.
China is home to world’s second-largest number of billionaires after the United States.