China billionaire Dang Yanbao catapulted up the ranks of the country’s richest people following chemical producer Ningxia Baofeng Energy Group’s debut at the Shanghai Stock Exchange on Thursday.
Dang’s fortune stood at more than 80.8 billion yuan, or $11.7 billion, after Baofeng’s shares rose by their daily upper limit of 44% to close at 16.01 yuan. He owns about 68% of the business.
Baofeng raised 8.2 billion yuan, or $1.2 billion, in an IPO this month. Funds will mainly be used to support a new manufacturing project and debt repayment.
Baofeng’s revenue and net profit in 2018 were 13 billion yuan and 3.7 billion yuan, or $1.9 billion and $537 million, gaining 6% and 26% from a year earlier. Baofeng estimated net profit in first quarter this year was between 940 million and 990 million yuan, or $137 million to $144 million, an increase of as much as 10.5%.
Dang ranked No. 285 on 2018 Forbes China Rich List with wealth of $1.1 billion.
--Maggie Chen
--Follow me on Twitter: @rflannerychina
