Homepage
PR Newswire
01-03-2017, 02:01 PM
(This post was last modified: 17-03-2017, 07:44 PM by cyclone.
Edit Reason: Added writer and date
)
A Delivery Man Just Became One of the Richest People in China
Chinese parcel billionaires have amassed a total net worth of about $47 billion.
by Jill Mao
March 1, 2017, 6:00 AM GMT+8 Updated on March 2, 2017, 9:37 AM GMT+8
Imagine your net worth increasing by $2 billion a day. That’s what happened when China’s largest parcel delivery company, S.F. Express, made its stock exchange debut and turned founder Wang Wei into the country’s third-richest man.
It’s a stark reversal for a company that got its start in what Wang has called the sneaky business of "black delivery," back in the ’90s when only China’s post office was allowed to handle packages. The courier company he created navigated the shadows of the border between China and Hong Kong for 16 years until the government gave its sanction.
Last week’s official launch of S.F. Express’s so-called backdoor listing on the Shenzhen Stock Exchange, approved in December and pushed through rapidly with government support, helped produce a 59 percent surge in shares of parent S.F. Holding Co., giving Wang a net worth $26.5 billion on the Bloomberg Billionaires Index.
Wang and five other package delivery billionaires, including the founder of ZTO Express Inc. which debuted on the New York Stock Exchange in October, have seen their fortunes swell based on listings in the past five months alone, amassing a combined wealth of about $47 billion, the Index shows. They’re all part of the online shopping boom led by Alibaba Group Holding Ltd., with Wang’s S.F. Express the leader by revenue ahead of hundreds of competitors.
More details in https://www.bloomberg.com/news/articles/...e-in-china
Chinese parcel billionaires have amassed a total net worth of about $47 billion.
by Jill Mao
March 1, 2017, 6:00 AM GMT+8 Updated on March 2, 2017, 9:37 AM GMT+8
Imagine your net worth increasing by $2 billion a day. That’s what happened when China’s largest parcel delivery company, S.F. Express, made its stock exchange debut and turned founder Wang Wei into the country’s third-richest man.
It’s a stark reversal for a company that got its start in what Wang has called the sneaky business of "black delivery," back in the ’90s when only China’s post office was allowed to handle packages. The courier company he created navigated the shadows of the border between China and Hong Kong for 16 years until the government gave its sanction.
Last week’s official launch of S.F. Express’s so-called backdoor listing on the Shenzhen Stock Exchange, approved in December and pushed through rapidly with government support, helped produce a 59 percent surge in shares of parent S.F. Holding Co., giving Wang a net worth $26.5 billion on the Bloomberg Billionaires Index.
Wang and five other package delivery billionaires, including the founder of ZTO Express Inc. which debuted on the New York Stock Exchange in October, have seen their fortunes swell based on listings in the past five months alone, amassing a combined wealth of about $47 billion, the Index shows. They’re all part of the online shopping boom led by Alibaba Group Holding Ltd., with Wang’s S.F. Express the leader by revenue ahead of hundreds of competitors.
More details in https://www.bloomberg.com/news/articles/...e-in-china
Specuvestor: Asset - Business - Structure.