The founder of a Chinese courier group whose company went public on Friday is now worth $27.5bn, making him the country’s third-richest man.
Wang Wei, chairman, saw his paper worth rocket after reversing SF Express— one of a clutch of domestic logistics companies that has ballooned on the back of China’s ecommerce sector — into a shell company on the Shenzhen stock market.
He now presides over the most valuable company on the Shenzhen exchange, which is a magnet for technology listings. Maanshan Dingtai Rare Earth & New Material Co — to use its name until last Thursday — is valued at Rmb292.9bn ($42.6bn), or roughly the same as US internet group Yahoo.
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