• September 28, 2022

Authenticity

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It was a down year for billionaires from mainland China on the 2022 Forbes Billionaires List released in April; their ranks thinned to 539 members from 626 a year earlier. By mid-May, one in six listees had fallen below the billionaire cut.

Sentiment has since picked up as the country’s brutal Covid lockdowns have eased, however. China’s benchmark CSI 100 Index rose by 1% to a three-month high of 4,490.52 yesterday on growth hopes.

Stronger bidding helped to paved the way this month for a successful China IPO that minted two new billionaires. De Rucci Healthy Sleep, a supplier of bedroom furniture, went public at the Shenzhen Stock Exchange on June 23 at 38.93 yuan per share, raising 1.6 billion yuan. Stock held by chairman Wang Bingkun and director Lin Jiyong was worth 6.97 billion yuan, or above $1 billion, for each at yesterday’s closing price of 45.59 yuan.

Founded in 2004, De Rucci has more than 4,000 franchised stores in more than 30 countries, including the U.S., Italy and France, according to the company’s website.

China is home to the world’s second-largest number of billionaires after the United States.

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@rflannerychina

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