IPO mania in China leads to stock surge and new billionaires
Contec Medical Systems shares surged 986% this week
27 August 2020 - 22:15
Shanghai — The pace of wealth creation in China just reached a whole new level.
Just ask Hu Kun, chair of Contec Medical Systems. Shares of the instruments maker surged more than tenfold in its market debut on Monday and recorded a 986% jump by Thursday. That means the 49% stake Hu owns with his father took their combined fortune to $3.1bn in a few days, according to the Bloomberg Billionaires Index. Wang Guili, a Contec director who owns 15% of the company, is now worth $947m after briefly hitting billionaire status earlier in the week...
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