A 158.5% gain on the first day of trading by SFC Holdings at the Shenzhen Stock Exchange today has minted a new billionaire.
SFC, an acronym for “Send from China,” closed at 18.95 yuan, an increase of 11.62 yuan from the company’s IPO price of 7.33 yuan. Stock held by Sun Zhongbin, who shares his fortune with his daughter, was worth 10.7 billion yuan, or nearly $1.5 billion.
Sun, 52, chairs SFC, an e-commerce, logistics and software business whose partners include eBay and Amazon. Sun is a Canadian national, according to the company’s prospectus.
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