China’s IPO Mania Creates Three New Billionaires in One Week
- ChiNext board allows IPOs to trade without limit in debut week
- Hu Kun, Steven Yang and Dai Lizhong are all new billionaires
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The pace of wealth creation in China just reached a whole new level.
Just ask Hu Kun, chairman of Contec Medical Systems Co. Shares of the instruments maker surged more than 10-fold in its market debut Monday and recorded a 986% jump through Thursday. That means the 49% stake Hu owns with his father took their combined fortune to $3.1 billion practically overnight, according to the Bloomberg Billionaires Index. Wang Guili, a Contec director who owns 15% of the company, is now worth $947 million after briefly hitting billionaire status earlier in the week.