SF Express stock debut creates billionaire

SF Express, dubbed “China’s Fedex,” saw its shares surge by the daily limit of 10% Tuesday for a fourth straight session, pushing the total net worth of its chairman Wang Wei’s to 180.4 billion yuan (US$26 billion), helping him unseat Tencent’s Pony Ma Huateng to become the third richest man in China, the South China Moring Post reports. The courier service company, which went public on Friday through a reverse acquisition of a listed shell company, rose limit-up by 10% Tuesday to close at 66.8 yuan in Shenzhen. The company’s total market cap jumped to 279.5 billion yuan, making it the most valuable stock on the Shenzhen Stock Exchange. In mainland Chinese markets as a whole, SF Express was the 21st biggest company by market cap.