Yue Wang
Zhu Weisong is China’s newest billionaire after a strong market debut of his Bloks Group in Hong Kong.
Bloks’ Hong Kong initial public offering Friday was 6,000 times oversubscribed and wildly popular after trading began, giving Zhu, the 42-year-old chairman and CEO, a fortune of $1.7 billion mostly based on his stake in the company, according to Forbes estimates.
Bloks Group raised HK$1.7 billion ($215 million) by selling 27.7 million shares at HK$60.35 apiece, or the top end of a previously marketed range, to develop new products and expand marketing efforts. The retail portion of the share sale was 6,000 times oversubscribed, triggering a claw-back mechanism that led the company to offer more shares to individual investors, according to a stock exchange filing.
The company’s shares jumped as much as 82% from their IPO price in their first trading day Friday, before paring some of the gains to end 54% higher as of 11:30 a.m.
Zhu left Chinese gaming company Yoozoo Information Technology almost a decade ago to establish his own toy company. Bloks makes Lego-like building blocks and Ultraman figurines.
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