China’s Red-Hot IPOs Are Creating a New Billionaire Every Week
- China has spawned two-dozen billionaires from 118 new listings
- Majority of new wealth from health-care and technology firms
Photographer: Qilai Shen/Bloomberg
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Zhong Shanshan, whose schooling was interrupted during China’s cultural revolution, worked in construction, as a reporter and in the bottled-water business. Today, he’s worth $17 billion after his drug company went public in April and the shares surged 26-fold.
Known as Lone Wolf by the Chinese media, Zhong, 65, has a made-for-movie story, but it’s far from unique in China. At least 24 people have become billionaires this year through June from the country’s raging market for initial public offerings, including former teachers, accountants and software developers, according to data compiled by the Bloomberg Billionaires Index.