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There are worse ways to add about $2bn a day to your personal fortune, but a series of jumps by the daily trading limit have vaulted the founder of China’s FedEx into the upper echelons of Asia’s richest billionaires.
Wang Wei, chairman and founder of SF Express, added some $1.2bn to his paper worth as shares in his courier company closed 4.8 per cent higher. For most of the session, shares were up by the daily limit of 10 per cent.
That pushed Mr Wang’s worth to $27.5bn on Wednesday, overtaking Tencent chief executive Pony Ma to be China’s third-richest person behind Alibaba founder Jack Ma and Wang Jianlin, who heads up the acquisitive conglomerate Dalian Wanda, according to a list of billionaires tracked by Bloomberg.
Wang Wei is the fourth-richest billionaire in Asia, trailing Hong Kong’s Li Ka-shing by about $4bn.
Since going public on Friday by way of conducting a reverse takeover of a listed shell company, SF Express shares have risen by the daily trading limit of 10 per cent in each of the past four sessions.
The company now has a market capitalisation of Rmb292.9bn ($42.6bn), but is tightly held and has a small public float at just 3.2 per cent of total issued share capital. Mr Wang holds a 64.6 per cent stake in the company.
The company is the most valuable stock on the Shenzhen Stock Exchange, which typically attracts “new economy” and tech stocks. Its weighting in the benchmark Shenzhen Composite is 1.3 per cent, ahead of appliance maker Midea, whose 0.9 per cent weighting is the second biggest.