China Pharma Billionaire Adds To Fortune Following Genrix Listing In Shanghai

Chinese pharmaceutical industry billionaire Jiang Rensheng added to his fortune today with the start of trade at the Shanghai Stock Exchange by Chongqing Genrix Biopharmaceutical, a supplier of antibody drugs.

Jiang’s estimated fortune of $9.3 billion on the Forbes Real-Time Billionaires List before today mainly came from a 48% stake in Shenzhen-listed Chongqing Zhifei Biological Products, a supplier of vaccines that he chairs. Jiang, however, also directly owns 90% of Zhirui Investment, which has 200 million shares of Genrix. Zhifei owns the remaining 10% of Zhirui.

At today’s mid-session price of 35 yuan per share, Jiang’s direct holdings in Genrix were worth an additional 6.3 billion yuan, or nearly $880 million. Genrix’s stock fell 7.6% from its underwriting price of 37.88 yuan.

A longtime distribution partner of Merck, Zhifei won the Chinese sales rights to the U.S. pharma’s HPV drug in 2018. The company went public at the Shenzhen Stock Exchange in 2010. Prior to striking out on his own, he worked as a primary school teacher and a government health official.

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

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