Jinhui Mining Gains Nearly 44% In China Stock Debut As IPO Mints New Billionaire

Shares in Jinhui Mining, a China processor of lead, zinc, silver and other minerals, rose by nearly 44% on their first day of trading at the Shanghai Stock Exchange on Tuesday, adding a newcomer to the ranks of the country’s billionaires.

Businessman Li Ming owns 98% of investment firm Gansu Yate Investment Group, the holder of 495 million shares or about half of Jinhu Mining. Li’s stake was worth the equivalent of  $1.18 billion at Tuesday’s closing price of 15.55 yuan. The stock rose nearly 44% from its IPO price of 10.80 yuan.  

Jinhui’s revenue in 2021 rose from a year earlier to 1.25 billion yuan from 1.12 billion yuan, according to the company’s prospectus.  Li’s other investments include a stake in Shanghai-listed Jinhui Liquor.

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

Just last week, Alibaba-backed Huitongda Network rose on its debut at the Hong Kong Stock Exchange, lifting the fortune of its billionaire chairman Wang Jianguo.  (See post here.)

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@rflannerychina