Pursuits
Chinese Textile Tycoon Becomes a Billionaire After Shanghai IPO
- Shares of Xinfengming Group jump 58 percent after their debut
- Chairman Zhuang Kuilong sees fortune hit $1.7 billion
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A revival in China’s polyester industry has produced a new billionaire. Zhuang Kuilong, chairman of textile maker and distributor Xinfengming Group Co., saw his wealth surge almost 60 percent after its shares began trading Tuesday in Shanghai.
The increase gave Zhuang, who owns 45 percent of the Tongxiang-based business, a net worth of at least $1.7 billion, according to the Bloomberg Billionaires Index. He owns the shares along with his wife and son, according to the company’s initial public offering prospectus.