China Skincare Billionaire’s Giant Biogene Raises $10 Million In IPO Over-Allotment
Giant Biogene Holding, a China skincare products supplier that listed at the Hong Kong Stock Exchange on Nov. 4, has raised the equivalent of $10 million through the sale of 3.39 million over-allotment shares at HK$24.30, or approximately $3.11, each, the company said in a filing on Sunday.
The sale added to the HK$495.8 million Giant raised ahead of the start of public trading. Giant lost 7% and traded at HK$25 at Hong Kong Stock Exchange as of noon today, valuing the stake held by Giant co-founder and executive director Fan Daidi at the equivalent of $2 billion. The company’s listing this month lifted Fan into the ranks of the world’s billionaires.
Fan, 56, is also the chief scientific officer and dean of the Institute of Biomedical Research of Northwest University in Xi’an. She holds a minority stake in Xi’an Triangle Defense, a supplier of airplane parts, worth approximately $175 million. Earlier in her career, she was a senior visiting scholar at the National Center for Biological Engineering at Massachusetts Institute of Technology in the United States from January 1999 to January 2000.
In the five months to May this year, Xi’an-headquartered Giant’s revenue increased to 723.0 million yuan from 520.6 million yuan a year earlier, according to the company’s prospectus. Five-month net profit this year was 313.6 million yuan.
In other IPO news in Hong Kong, Lygend Resources & Technology, China’s largest nickel ore trading company, launched an offering this month that seeks to raise up to HK$4.6 billion, or approximately $595 million. Lygend investors include CATL, the world’s largest EV battery maker.
Economic, political and pandemic woes in the mainland contributed to the biggest-ever drop in the fortunes of the top 100 members of a Forbes China Rich List earlier this month. The combined wealth of China’s 100 richest on the new list unveiled on Nov. 4 plunged 39% to $907.1 billion from $1.48 trillion in last year’s list. (See post here.)
Of the 100 names on the list, 79 were down, 12 were returnees, four had split fortunes, three were new and only two were richer.
China is home to the world’s second-largest number of billionaires after the United States.
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